One of the more surprising investment statistics of last year was that the Zimbab- wean stock market was the best performing in the world: up 12,000 per cent over 12 months. Surprising that is, until you remember that these returns reflect hyper-inflation. In real terms, the local market has been flat for the past three years - although that, in itself, is a minor miracle given the country's economic disasters.

According to Tony Hawkins at the University of Zimbabwe, there has been a 51 per cent fall in agricultural output between 2000 and 2007, a 47 per cent fall in industrial output, and a 35 per cent fall in resources output. Over the same period, GDP per capita has fallen back by more than 40 per cent. At the same time, inflation has risen to near the 100,000 per cent mark. The UN World Food Programme estimates that 4.2m Zimbabweans - a third of the population - will face serious food shortages in early 2008.