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Small Essay on Low Economic Countries

In: Social Issues

Submitted By bazzakazam
Words 614
Pages 3
Zimbabwe is a country which suffers from mismanaged resources, hyperinflation and an extremely high unemployment rate, 94% in 2008 (Mangena, 2014). In the early 2000’s a land reform was initiated to redistribute land from the conventionally wealthy white nationals of Zimbabwe to the poorer black farmers who farmed for their own subsistence. However, a corrupt government repatriated that land towards its own members. This land became idle as the new owners became disinterested in maintaining their farms and export production fell, spiralling the country into poverty. During this time, Zimbabwe was also taking part in the Second Congo War which drained the country of its resources. By the end in 2003 Zimbabwe began to feel the pressures of hyperinflation. The government has been printing money in order to fuel its efforts in the war, allocating high salaries for army and government officials, which would not be unexpected as Zimbabwe is ranked 156/175 by Transparency International for its corruption (Transparency International, 2015). This tied in with “self-dealing” led to hyperinflation, its peak month of inflation in mid-November 2008 estimated at 79,600,000,000% (Hanke & Kwok, 2009). This would lead to Zimbabwe ditching its national currency in 2009 and adopting other countries’ currencies, and leaving its citizens poorer than ever.
The country of Haiti was once a very prosperous French colony, which over the years has suffered from corruption, national disasters, and deforestation. In 2010 Haiti suffered from a devastating earthquake that felled their economy. “Being a poor country, much on the nation’s jobs and economy relied on agriculture and certain industries such as sugar refining and textiles. In fact, agriculture alone employs roughly two thirds of the labour force” (University of North Carolina, 2015). With most of the infrastructure demolished by the…...

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