In this piece, we will take a look at the five countries with the highest inflation rates. For more countries, head on over to 15 Countries With Highest Interest Rates.
5. Republic of Ghana
Interest rate as of November 2022: 27%
The Republic of Ghana is a Western African country that gained independence in 1857. The country’s economy was worth $186 billion in 2021, and its GDP per capita stood at $5,968. Like most other African countries, services also accounted for the largest share, with agriculture coming in at a second place. Additionally, the Republic of Ghana’s stock exchange is one of the largest exchanges in Africa. The country’s latest interest rate reading is 27%, but its inflation is also among the highest in the world as it sits at a painful 40% as of October 2022.
4. Republic of the Sudan
Interest rate as of November 2022: 27.3%
The Republic of the Sudan is a Northeastern African country that traces its history back to the 2,500 BC, to the time of the Egyptian pharaohs. Modern day Sudan gained its independence from the United Kingdom in 1956. The country also counted itself as an Islamic country from 1983 until 2020, when it decided to secularize itself. The Sudanese economy was worth $175 billion in 2019 with a GDP per capita of $4,072. The country has a 27.3% interest rate and it is the fifth highest in the world and the highest in Africa as it sits at a whopping 105%.
3. Bolivarian Republic of Venezuela
Interest rate as of November 2022: 57.68%
The Bolivarian Republic of Venezuela is a South American country that gained independence from Spain in 1811. The country has witnessed significant political turmoil over the last century, in the form of military coups, attempted coups, and political assassinations. The Bolivarian Republic of Venezuela also has the world’s largest oil reserves, which sit at a whopping 300 billion barrels. Yet, the country is on the road of hyperinflation, with prices growing by hundreds and thousands of percentage points. The Bolivarian Republic of Venezuela’s interest rate is 57.68% and inflation has ‘stabilized’ to 156%.
2. Argentine Republic
Interest rate as of November 2022: 75%
The Argentine Republic is another South American country, and it is also a major non-NATO ally of the United States. The country has one of the largest economies in the world, which was worth $1.2 trillion in 2022 with GDP per capita sitting at $26,074. The economy follows the age-old pattern of boom and bust, where periods of economic growth are followed by crashes, and the country is often wary of sending its assets, such as planes, abroad for the fear of being confiscated for its bond repayments. The Argentine Republic’s interest rate sits at 75%, and its inflation is 88%.
1. Republic of Zimbabwe
Interest rate as of November 2022: 200%
If economists were children, and they were told terror tales, the story of the Republic of Zimbabwe would perhaps be the most frightening. The country’s economy nearly collapsed in 2009, and a flight of foreign capital led to its currency becoming worthless. At one point, the U.S. ambassador to the Republic of Zimbabwe is known to have famously remarked that inflation just might reach 1,500,000%. However, the ambassador would be proven wrong and short sighted, as inflation peaked at 79,600,000,000% in November 2008. Since then, the Republic of Zimbabwe is treading relatively calmer waters, with a 255% inflation in November 2022 that actually dropped from October’s reading of 269%. The country’s interest rate is 200%.
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