A Nightmare for the Economy, These 10 Countries Have Hyperinflation!
<p> When we hear the word 'inflation', surely many of us start to complain.</p><p><br /></p><p>Yes, the increase in the price of increasingly expensive goods is the reason why many people choose to do two to three jobs a day.</p><p><br /></p><p>That's just inflation. Ever heard of Hyperinflation? Must be worse?</p><p><br /></p><p>These are 10 countries that have faced the 'nightmare'.</p><p><br /></p><p>10. Indonesia</p><p><br /></p><p>This country was once recorded as facing hyperinflation at the end of Soekarno's leadership as Prime Minister of Indonesia.</p><p><br /></p><p>In 1962, annual inflation rose by 165% and peaked in 1965 at 600%.</p><p><br /></p><p>At that time, a lot of money was printed to finance Soekarno's lighthouse projects.</p><p><br /></p><p>However, the problem was successfully dealt with by the policy of the Minister of Finance, Syafrudin Prawiranegara by introducing a cunning policy which is now known as 'Gunting Syafruddin'.</p><p><br /></p><p>9. Nicaragua</p><p><br /></p><p>The country faced the worst hyperinflation in June 1986 until March 1991 with an increase of 4% per day. The situation makes the price of goods double every 16 days and 10 hours.</p><p><br /></p><p>This hyperinflation was caused by the Nicaraguan Revolution where the Sandinistas came to power in 1979 until the financial crisis in many Latin American countries.</p><p><br /></p><p>8. France</p><p><br /></p><p>France once faced hyperinflation around May 1795 to November 1796. Daily inflation reached 5% and made the market price double every 15 days 2 hours.</p><p><br /></p><p>This tragedy happened at the beginning of the French Revolution (1789-1799) which was when the country had a war debt against the United States and Great Britain.</p><p><br /></p><p>The country leveraged the Catholic church as an economic resource because it was the best target for acquisition of assets and land.</p><p><br /></p><p>7. Peru</p><p><br /></p><p>In June 1990 to August 1990, Peru faced 5% inflation and made prices double every 13 days and 2 hours.</p><p><br /></p><p>According to history, this hyperinflation occurred due to a long war and became the second inflation in the 20th century.</p><p><br /></p><p>At that time, the President of Peru, Fernando Belaunde was faced with austerity policies implemented by the IMF following the Latin American financial crisis.</p><p><br /></p><p>6. China</p><p>I don't think this economic giant has ever faced hyperinflation, right?</p><p><br /></p><p><br /></p><p>China experienced it from October 1947 to May 1949 with inflation increasing by 14% and making prices double every five days and 8 hours.</p><p><br /></p><p>This hyperinflation broke out after the Second World War due to the civil war between the Nationalists and the Communists.</p><p><br /></p><p>5. Greece</p><p><br /></p><p>This event took place from May 1941 to December 1945 with inflation increasing by 18% and resulting in a doubling of prices for every four 6 hour days.</p><p><br /></p><p>This happened due to the swinging balance of Greece's physical budget due to the Second World War and foreign trade falling drastically.</p><p><br /></p><p>4. Germany</p><p><br /></p><p>Hyperinflation for this country took place in Weimar, Germany, which was from August 1922 to December 1923. The daily inflation rate reached 21% and prices doubled every three days and 17 hours.</p><p><br /></p><p>The event occurred due to the defeat of the First World War by Weimar in the early 1920s.</p><p><br /></p><p>As a result, Germany was asked to pay massive reparations for the victorious side.</p><p><br /></p><p>3. Yugoslavia</p><p><br /></p><p>The biggest inflation for this country happened in April 1992 to January 1994 with an increase in inflation reaching 65% and doubling every 34 hours.</p><p><br /></p><p>The fall of the Soviet Union made the country responsible because it was a major geopolitical former connecting the eastern and western regions.</p><p><br /></p><p>2. Zimbabwe</p><p><br /></p><p>The country faced the second biggest inflation in March 2007 to November 2008 with inflation rising to 98% and causing prices to double every 25 hours.</p><p><br /></p><p>The case began when a long decline in economic output was based on Robert Mugabe's land reform.</p><p><br /></p><p>At that time, Zimbabweans left the country en masse. In addition, the increase in government spending and the decrease in the tax base caused the government to monetize the physical deficit.</p><p><br /></p><p>1. Hungary</p><p><br /></p><p>The first major inflation in this country was in August 1945 to July 1946. The increase in inflation was 207% and made prices double every 15 hours.</p><p><br /></p><p>Hungary's economy was devastated by World War II. Due to its 'warzone' status, almost 40% of the country's stock capital was destroyed in the conflict.</p><p><br /></p><p>Prior to that, Hungary was heavily in debt to finance the fuel to support the German war. However, Germany did not want their debt to be paid off with goods.</p><p><br /></p><p>When the country signed a peace treaty in 1945, they were ordered to pay reparations to the Soviet Union.</p>
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