economy

Zimbabwe Phases Out Local Currency at 35 Quadrillion to US$1

Zimbabwe has started retiring its almost worthless local currency in favor of the US dollar. Today, 35 quadrillion Zimbabwean dollars are equal to US $1, as a result of hyperinflation which hit the country in 2009.

A Hopeful Continent

African lives have already greatly improved over the past decade. The next ten years will be even better. A booming economy has made a big difference. Over the past ten years real income per person has increased by more than 30%, whereas in the previous 20 years it shrank by nearly 10%. Africa is the world’s fastest-growing continent just now. Over the next decade its GDP is expected to rise by an average of 6% a year, not least thanks to foreign direct investment. FDI has gone from $15 billion in 2002 to $37 billion in 2006 and $46 billion in 2012.

The Development Costs of Homophobia

"As a gay man living in Nigeria, my biggest challenge was choosing between my sexuality and my job. Whispers were making the rounds about my private life, and I decided it was time to come out. So I agreed to go on Nigeria’s most-watched television talk show to discuss my sexuality. Almost immediately, my character was eliminated. And when my job disappeared, so did my financial security. Like many gay men and lesbians in Africa, my choice was between economic freedom and mental imprisonment.

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