Hyperinflation hit Zimbabwe in 2007-2008. But what is hyperinflation? Hyperinflation is when the value of money goes way down, making the prices of items skyrocket (so fast that you can actually see the changes).
Social Impacts
Hyperinflation changed the social lives of the people in Zimbabwe. The rate of unemployment skyrocketed up to more than 70%. You could argue that this meant that they had less time than before. People had to spend their money wisely (not knowing how expensive things would get), and they had to scramble to get enough money to buy necessities. The ruined economy also impacted the HIV/AIDS epidemic in the country; by 2008 the HIV/AIDS rate for individuals aged between 15 and 49 was 15.3%
Economic Impacts
People have been fired. Prices on everything rose to insane numbers. The economy was one of the worsts that we have ever seen. Bills worth insanely large amounts of money were printed (the highest being 100 TRILLION DOLLARS for a SINGLE BILL). Because of this hyperinflation that was happening, Zimbabwe virtually shut down and turned the domestic economy into a barter economy (this meant that instead of buying things with money, they would trade things like chickens and lifestock).
Political Impacts
Zimbabwe’s economy was incredibly bad. Because of this, people blamed the current president of Zimbabwe, Robert Mugabe. Zimbabwe’s economy is still struggling to this day, and people believe that it is still because of Robert Mugabe. According to aljazeera.com, Mugabe “issued regulations compelling all foreigners and whites to sell 51 percent equity stakes in every existing business, partnership, association or sole proprietorship with an asset value of half a million US dollars or more.” His political policies continued to destroy the economy. Eventually, Mugabe died, and Emmerson Mnangagwa came into the office. He is still struggling to save the economy, but the citizens of Zimbabwe believe that it can happen.
Conclusion
I do not believe that the hyperinflation of this country could affect other countries. However, I think this country was affected by the economic downfall of the United States during the time. I think that the recession happening in the United States around that time really helped ruined the economic state of Zimbabwe.