Zimbabwe: Has Mugabe hammered the final nail into the coffin of Zimbabwe's economy?

In what could be the final nail in the coffin of Zimbabwe's economy, Robert Mugabe has signed into law a bill giving local owners the right to take majority control of foreign companies, including mines and banks, a government newspaper reported yesterday.

The Sunday Mail said Mugabe, who is seeking re-election in general elections on March 29, had approved the controversial bill in a seal of assent in a weekend government gazette of legal notices.

Reuters reports that mining and business industry officials have warned the law could quicken the decline of Zimbabwe’s economy, which has shrunk by at least 30% since 1999.