Zimbabwe, a country located in Africa, was experiencing a relatively booming economy prior to the 2000s, and looked as though it was making major strides in developing. It was one of the most economically sound countries in Africa, with leading educational programs and literacy rates.
However, in 2000, the economy began a rapid descent, as government spending on war in the Congo and other things began to exceed more than could be sustained. Hyperinflation played a major role in Zimbabwe's economic collapse, as inflation quickly spun out of control.
During the worst of the inflation, in 2008-2009, it was difficult to measure Zimbabwe's hyperinflation because the government of Zimbabwe stopped filing official inflation statistics.Then, in early 2009 the country ditched its local currency and adopted a multi-currency financial system using the US dollar, the Botswana pula and the South African rand, ending hyperinflation overnight. (IRIN News) As of 2014, Zimbabwe still has no national currency.
Zimbabwe's poor economic conditions that erupted in the 2000s, is one of the main reasons Zimbabwe's infastructure and governmental system have not been improved, slowing Zimbabwe's development. Zimbabwe still has a long way to go to recover.
However, in 2000, the economy began a rapid descent, as government spending on war in the Congo and other things began to exceed more than could be sustained. Hyperinflation played a major role in Zimbabwe's economic collapse, as inflation quickly spun out of control.
During the worst of the inflation, in 2008-2009, it was difficult to measure Zimbabwe's hyperinflation because the government of Zimbabwe stopped filing official inflation statistics.Then, in early 2009 the country ditched its local currency and adopted a multi-currency financial system using the US dollar, the Botswana pula and the South African rand, ending hyperinflation overnight. (IRIN News) As of 2014, Zimbabwe still has no national currency.
Zimbabwe's poor economic conditions that erupted in the 2000s, is one of the main reasons Zimbabwe's infastructure and governmental system have not been improved, slowing Zimbabwe's development. Zimbabwe still has a long way to go to recover.