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Reasons for Zimbabwe's Economic Decline Essay

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Several decades ago, Zimbabwe was a country with good prospects, being the most rapidly developing African country. Nevertheless, few countries in Africa managed to continue prospering in XXI century, but Zimbabwe did not. Zimbabwean economy lies at the bottom of GDP ratings, faced one of the largest rates of hyperinflation in common history and does not develop due to corrupt administration and insufficient policy. Moreover, the Reserve Bank of Zimbabwe is responsible for printing money for government spending while Zimbabwean people are dying as a cause of famine, venereal diseases and poverty. To solve mentioned problems, Zimbabwe accepts aids from other countries, but according to statistics, aids cause negative effect on country’s…show more content…
Nevertheless, 14 years later Zimbabwe’s economy became one of the most developed in Africa and its currency, Zimbabwe dollar was stronger than the US dollar (Coltart, 2008, p.1). To compare, it was possible to exchange 8 Zimbabwean dollars into one US dollar in 1995. However, nowadays one US dollar is equal to 100,000 Zimbabwe dollars. Corrupt political elite, with considerable international support is responsible for these problems. Since independence, in the last 4 decades 140 billion US dollars were stolen from Zimbabwean nation by its corrupt administration (Williams, 2006). As a result, number of officially poor people is at the rate of 80 percent nowadays, and that is more than twice as big as was in mid-1990s. Moreover, HIV/AIDS, poverty and hunger cause 3500 deaths per week, average life expectancy halved since 1994, namely it has fallen from 57 to 34 years for women and from 54 to 37 years for men. Also, number of children deaths increased. Between 1999 and 2006, number of children receiving all major vaccinations decreased by 21 percent while number of children getting no vaccination at all increased by the same percentage. Furthermore, Zimbabwe faced the immigration of millions of its citizens, and 80 percent of people left are unemployed. Unemployment takes place because of government’s insufficient policy. For instance, Zimbabwe is fortunately surrounded with amazing nature, but most European and American airlines cancelled all flights to
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