Economy of Zimbabwe

The economy of Zimbabwe shrank significantly after 2000, resulting in a desperate situation for the country – widespread poverty and an 80% unemployment rate. However, after 2008, Zimbabwe's economy started to improve dramatically and it became one of the fastest-growing economies in southern Africa. Between 2009 and 2011, Zimbabwe's GDP growth averaged 7.3 percent, making it one of the world's fastest-growing economies. Zimbabwe's participation from 1998 to 2002 in the war in the Democratic Republic of the Congo set the stage for this deterioration by draining the country of hundreds of millions of dollars.Hyperinflation in Zimbabwe was a major problem from about 2003 to April 2009, when the country suspended its own currency. Zimbabwe faced 231 million percent peak hyperinflation in 2008.

The country has reserves of metallurgical-grade chromite. Other commercial mineral deposits include coal, asbestos, copper, nickel, gold, platinum and iron ore.

Current economic conditions

Zimbabwe

Coordinates: 20°S 30°E / 20°S 30°E / -20; 30

Zimbabwe (/zɪmˈbɑːbweɪ/), officially the Republic of Zimbabwe, is a landlocked sovereign state located in southern Africa, between the Zambezi and Limpopo Rivers. It borders South Africa to the south, Botswana to the west, Zambia to the northwest, and Mozambique to the east and northeast. The capital and largest city is Harare.

Since the 11th century, present-day Zimbabwe has been the site of several organised states and kingdoms as well as a major route for migration and trade. The British South Africa Company of Cecil Rhodes first demarcated the present territory during the 1890s; it became the self-governing British colony of Southern Rhodesia in 1923. In 1965, the conservative white minority government unilaterally declared independence as Rhodesia. The state endured international isolation and a 15-year guerrilla war with black nationalist forces; this culminated in a peace agreement that established universal enfranchisement and de jure sovereignty in April 1980. The country then rejoined the Commonwealth of Nations (later suspended in 2003), and became a member of the United Nations and the Southern African Development Community (SADC).

Robert Mugabe

Robert Gabriel Mugabe (/muːˈɡɑːbiː/; born 21 February 1924) is the current President of Zimbabwe, serving since 22 December 1987. As one of the leaders of the rebel groups against white minority rule, he was elected as Prime Minister, head of government, in 1980, and served in that office until 1987, when he became the country's first executive head of state. He has led the Zimbabwe African National Union – Patriotic Front (ZANU–PF) since 1975.

Mugabe rose to prominence in the 1960s as the leader of the Zimbabwe African National Union (ZANU) during the conflict against the conservative white-minority government of Rhodesia. Mugabe was a political prisoner in Rhodesia for more than 10 years between 1964 and 1974. Upon release Mugabe, along with Edgar Tekere, immediately left Rhodesia with the assistance of Rekayi Tangwena in 1975 to launch the fight during the Rhodesian Bush War from bases in Mozambique. At the end of the war in 1979, Mugabe emerged as a hero in the minds of many Africans. He won the general elections of 1980 after calling for reconciliation between the former belligerents, including white Zimbabweans and rival political parties, and thereby became Prime Minister on Zimbabwe's independence in April 1980.

United States dollar

The United States dollar (sign: $; code: USD; also abbreviated US$ and referred to as the dollar, U.S. dollar, or American dollar) is the official currency of the United States and its overseas territories. It is a Federal Reserve Note and consists of 100 smaller cent units.

The U.S. dollar is fiat money. It is the currency most used in international transactions and is the world's most dominant reserve currency. Several countries use it as their official currency, and in many others it is the de facto currency. Besides the United States, it is also used as the sole currency in two British Overseas Territories in the Caribbean: the British Virgin Islands and the Turks and Caicos islands. A few countries use only the U.S. Dollar for paper money, while the country mints its own coins, or also accepts U.S. coins that can be used as payment in U.S. dollars, such as the Susan B. Anthony dollar.

Overview

The Constitution of the United States of America provides that the United States Congress has the power "To coin money". Laws implementing this power are currently codified at 31 U.S.C. § 5112. Section 5112 prescribes the forms, in which the United States dollars should be issued. These coins are both designated in Section 5112 as "legal tender" in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar. The pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins, which have values ranging from one cent to 50 dollars. These other coins are more fully described in Coins of the United States dollar.

The Economist

The Economist is an English language weekly newspaper owned by the Economist Group and edited in offices based in London. Continuous publication began under founder James Wilson in September 1843. For historical reasons, The Economist refers to itself as a newspaper, but each print edition appears on small glossy paper like a news magazine. In 2006, its average weekly circulation was reported to be 1.5 million, about half of which were sold in the United States.

The publication belongs to The Economist Group. It is 50% owned by private investors and 50% by Exor, the Agnelli holding company, and the Rothschild banking family of England. Exor and the Rothschilds are represented on the Board of Directors. A board of trustees formally appoints the editor, who cannot be removed without its permission. Although The Economist has a global emphasis and scope, about two-thirds of the 75 staff journalists are based in the City of Westminster, London. As of March 2014, the Economist Group declared operating profit of £59m. Previous major shareholders include Pearson PLC.