In recent years, Zimbabwe’s economy has been doing better to get back on track, but over the last few decades, their economy wasn’t just one of the worst in Southern African countries, but the entire world.
Zimbabwe is building a better system for future economic growth and higher living standards. Zimbabwe’s real GDP growth stood at 6.5% in 2022, down from 8.5% in 2021 after achieving negative values in previous years.
Extreme poverty has decreased since its peak in 2020, but it continues to stay very high from seasonal agricultural productivity and high food prices. Chronic inflation, a reliance on low-productivity agriculture, sluggish structural reform, and occasional shocks such as drought, natural disasters, and the COVID-19 epidemic have all played a nasty role in halting Zimbabwe’s path to a better standard.
Zimbabwe’s economy base of industry and agriculture has been destroyed as inflation got out of control, peaking at 500 billion percent in 2009. Zimbabwe’s currency, the Zimbabwean dollar went into turmoil and needed to be bailed out by the US dollar and South African rand.
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