A Billion Dollar Loaf of Bread. The Country with the World's Highest Inflation
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Published on Dec 25, 2024
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The country, which once produced almost everything - from clothes and textiles to furniture and car parts, now makes ends meet thanks to illegal entrepreneurs and shuttle traders. In just a few years, the state, which was considered one of the most developed in the continent, has turned into a catastrophically poor country, where the local currency has almost no value, and the majority of the population lives in terrible poverty, deprived of basic amenities. In 2018, unemployment was 80%, one third of the population left their homeland. In addition, the crisis here has turned out to be so devastating that not only the economy is dying, but also people. 25%, or every fourth resident, are infected with the AIDS virus, and the state can do nothing about it, since medicine is also suffering. Toilet paper here costs 100 thousand dollars, if you exchange it for the smallest money, for example, 5 dollars, you get 20 thousand bills. There are 72 such banknotes on an average roll of toilet paper. Thus, it is approximately 277 times more profitable to use money instead of toilet paper! The average life expectancy here has decreased from 60 to 37 years for men and to 34 for women. This is Zimbabwe In Russia, inflation last year was 7.4% per annum. In the USA - 3.4%. In Turkey - 64.8% (not least due to the government's pressure on the country's Central Bank). But what if inflation grows by 50%, and not per year, but per month? Yes, this happens, and there is even a special term for this phenomenon - hyperinflation*. Hyperinflation invariably causes a situation when the state is forced to take on debts and spend this money not on social needs, but on covering interest on old debts. Of course, it is impossible to live this way for long. Usually, countries quickly emerge from the spiral of hyperinflation. For example, it took Germany only five years to do so in the 1920s. But this is provided that the state takes tough measures... Otherwise, countries may need decades to recover from the economic consequences of hyperinflation, and if state policy is not adjusted correctly, the catastrophe will repeat itself. This is what happened in Zimbabwe, for example. Zimbabwe is one of the youngest countries in Africa, which remained a British colony longer than others. The country officially became independent only in 1980. At that time, Robert Mugabe came to power. He came, it must be said, fairly - he was elected by the majority of the population for his extremely harsh and very populist ideas: to take away estates from whites and give them to blacks.
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