The biggest inflation in the world
Modern man does not need to explain what inflation is. It is a disaster for third world countries, when due to the unstable economy in the country your money is worthless. The highest inflation in the world was in Zimbabwe in 2009. It amounted to 231 million % a year, and informally — 6.5 quinquenervia. This country won the title of «standard bottom» in the economy, but I think, its citizens became easier. For comparison, the inflation rate in Russia is about 9% per year.
The head of Zimbabwe Robert Mugabe (the President with the longest term in the world), as expected, came to power in a military coup in 1999, could think of nothing more clever as to start the forced expropriation of land from the white population (at the time they disposed of 70% of all land). Persecution, lack of opposition and a terrible dictatorship has led to the fact that the Europeans began to leave the country, throwing established business.
Today, white is left only 1% of the total population, and the redistribution of land led to the decline of agriculture and the extraordinary price increase. Almost for several years, industrial production declined 3%, and unemployment rose to 80%. In a short time the most developed country on the African continent, Zimbabwe has become the poorest in the importing of all necessary food. And for many years the main supplier of food for people was only humanitarian aid.
The government all this time continued to print not backed by a commodity money, which led to further decline. From December 2007 to 2009 the value of banknotes grew from thousands to millions, billions and billions of notes. To understand the extent of the highest inflation in the world can be like it. If the roll of toilet paper, which costs 100 thousand of Zimbabwean dollars, to be divided into portions, or the same to change a bill into small 5$, it turns out that the use of banknotes for other purposes will 278 times cheaper.
In 2009 was re-denominated and removed 10 zeros but this has not stopped the decline. And just when was the ban on the use of stable world currency and the U.S. dollar became the head of the country, the situation gradually began to improve. In 2015, the inflation situation in Zimbabwe was much better than in Ukraine. And in 2014, there was even some growth of GDP.
For tourists with foreign currency, the biggest inflation in the world was a good service. For the world’s currencies, there is a real Paradise — so money will be welcome everywhere and all incredibly cheap.