Zimbabwe experienced the second highest incidence of hyperinflation in history during a financial crisis a decade ago – the country’s inflation rate in November 2008 reached a stunning 79,600,000,000 percent (essentially a daily inflation rate of 98 percent ). Every day, prices in Zimbabwe roughly doubled, with products and services costing twice as much the […]
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SNELL: So, Scott, the last time inflation was this high, Ronald Reagan was in the White House, Olivia Newton-John was everywhere on the radio, and the cool new computer was the Commodore 64, which was named after its 64 kilobytes of capacity. Oh, and a new soft drink was set to hit the market. (Singing)
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China, now the world’s second-biggest economy, is expected to overtake the United States as the world’s largest economy by 2030, according to the report. Is the US economy expanding faster than China’s? With the fastest economic growth in over four decades and the greatest year of job growth in American history, the GDP results for
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GNP and GDP both reflect an economy’s national output and income. The primary distinction is that GNP (Gross National Product) includes net foreign income receipts. GDP (Gross Domestic Product) is a measure of a country’s production (national income + national output + national expenditure). GDP + net property income from abroad = GNP (Gross National
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With a 5% annual inflation rate, $100 worth of shopping now would have cost you only $95 a year ago. If inflation remains at 5%, the identical shopping basket will cost $105 in a year’s time. This same shopping will cost you $163 in ten years if inflation remains at 5%. Is 5% inflation a
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Because of the multiple ways the CPI is used, it has an impact on practically everyone in the United States. Here are some instances of how it’s used: As a measure of the economy. The CPI is the most generally used metric of inflation, and it is sometimes used as a gauge of government economic
During a recession, you might be tempted to sell all of your investments, but experts advise against doing so. When the rest of the economy is fragile, there are usually a few sectors that continue to grow and provide investors with consistent returns. Consider investing in the healthcare, utilities, and consumer goods sectors if you
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Recession. A recession is a natural element of the business cycle that occurs when the economy declines for two consecutive quarters. A depression, on the other hand, is a prolonged decline in economic activity that lasts years rather than months. What is the polar opposite of an economic depression? A recession and a depression are
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Using median household income to determine which states are the wealthiest looks very different. Because population has a significant impact on GDP, the states with the highest GDPs tend to be the largest, as shown below. Except for Florida and New York, three of the five richest states’ GDPs correspond to their population ranks. While
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In the United States, the 1970s were the decade of inflation. While it may come as a surprise to some that the average inflation rate for the decade was only 6.8%, this pace is roughly quadruple the rate of the previous two decades and double the long-run historical norm (see table 12.1). In the 1970s,
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