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).

Zimbabwe (disambiguation)

Zimbabwe can refer to:

Great Zimbabwe

Great Zimbabwe is a ruined city in the south-eastern hills of Zimbabwe near Lake Mutirikwe and the town of Masvingo. It was the capital of the Kingdom of Zimbabwe during the country's Late Iron Age. Construction on the monument by ancestors of the Shona people began in the 11th century and continued until the 15th century, spanning an area of 722 hectares (1,780 acres) which, at its peak, could have housed up to 18,000 people. It is recognised as a World Heritage Site by UNESCO.

Great Zimbabwe served as a royal palace for the Zimbabwean monarch and would have been used as the seat of political power. One of its most prominent features were the walls, some of which were over five metres high and which were constructed without mortar. Eventually the city was abandoned and fell into ruin.

The earliest known written mention of the ruins was in 1531 by Vicente Pegado, captain of the Portuguese garrison of Sofala, who recorded it as Symbaoe. The first European visit may have been made by the Portuguese traveler António Fernandes in 1513-1515, who crossed twice and reported in detail the region of present-day Zimbabwe (including the Shona kingdoms) and also fortified centers in stone without mortar. However, passing en route a few miles north and about 35 miles south of the site, he did not make a reference to the Great Zimbabwe riddle.