Hyperinflation in Zimbabwe
Eleonora
Created on February 4, 2024
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By Eleonora Wang and Veer MajithiyaClass 12B
Hyperinflation in Zimbabwe
https://www.economicshelp.org/blog/390/inflation/hyper-inflation-in-zimbabwe/
Main causes of hyperinflation
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Several economic sanctions were imposed on Zimbabwe, they were made so the country would change its behavior.
4. high national debt
The population who received the land didn't have any knoledge and skills to farm and did not want to learn, this led to a huge fall in agricultural output which had a huge role in the country's economy, as it provided the majority of exports and employment.
2. fall in output
In order to affor the goods, government decided to print moremoney. More money flowing in the economy with no growth in output led the purchasing power of the currency to fall and eventually losing value completely.
3. printing money
The lack of confidence in the Zimbabwean economy and government made it lose completely its value, due to high inflation for a long period of time (inflation was above 10% , so they thied to get rid of it as soon as they got it. but eventually the country had to opt to the american dollar. Also other countries were reluctant in lending money.
1. Mistrust in the country's currency
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Solutions
Hyperinflation
Main causes of the inflation
Timeline
Index
Zimbabwe profile - Timeline https://www.bbc.co.uk/news/world-africa-14113618
Timeline
dollarization
2009
printing money
2000s
peak of hyperinflation
2008
farms seizure
2000
Robert mugabe became prime minister
1987
European colonizers
1830-1890s
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https://www.britannica.com/place/Zimbabwe/The-British-South-Africa-Company
Zimbabwe is a country in the south of the African continent and its territory has vast fertile lands and is rich in gold, platinum, coal and diamonds. This led developed countries to be attracted to it. In the 1880s it was colonised by the British empire, until 1965, when the white population obtained independence from the empire and power over the territory. The government stopped paying its debts, leaving it to Britain, therefore the UN imposed mandatory economic sanctions on Rhodesia (former name of Zimbabwe).
https://www.sahistory.org.za/place/zimbabwe
1830-1890s
colonization
Robert in order to win elections, decided to start printing money to buy his elections, this led to more money flowing into the economy. This led the prices to rise, in order to affort the good, the Reserve bank of zimbabwe decided to print even more money, and as a result, prices rose even more. This cycle led to hyperinflation. in 2008 the inflation was so high that the governemnt stopped releasing numbers of the inflation.
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2000s
inflation to hyperinflation
In February 2000, Robert Mugabe led a violent campaign to confiscate around 4000 farms from their white owners, so it could be redistributed to black farmers. At first the farmers were incouraged to sell it to the black veterans, but the process was too slow and eventually Mugabe lost his patience. The UN imposed sanctions on the government after this event. The sanction “targets human rights abusers and those who undermine democratic processes or facilitate corruption” said the US department of state.
https://www.cato.org/sites/cato.org/files/serials/files/cato-journal/2011/5/cj31n2-9.pdf
2000s
Farm seizures
The colonists settled in the country, enslaved the native population and exploited their land for farms and mines. The white population was the minority of the country’s population, but owned more than half of the entire land. On August 8th 1963 there were two political parties: ZAPU(Zimbabwe African People Union - Patriotic Front) and ZANU-PF (Zimbabwe African National Union), because ZANU split away from ZAPU. In the 1980s Robert Mugabe gained power after a 15 years long civil war. This is when the economy started declining, the new government was highly corrupted.
https://www.sahistory.org.za/place/zimbabwe
1930-1960s
black opposition to the colonial rules
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2009
How did Zimbabwe recover?
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As the economy went into recession and tax revenues decreased, the Reserve Bank of Zimbabwe decided to increase the supply of money, but by the time they arrived from Germany they were already worthless. Most people didn’t have bank accounts, because it was unsafe to keep money there, this made taxing really difficult for the government.
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