The currency devaluation is already pushing prices amid a significantly higher foreign exchange rate, cites Africanews. This change will cause considerable short-term pain but will correct the economy, say economic analysts. Nevertheless, Nigeria continues to face rising inflation and increased poverty rates, pressuring the government to address concerns.
Without a political solution to the conflict, the economic crisis in Syria is expected to continue, and analysts expect hyperinflation to begin this 2023. The situation is still bleak as the country goes deeper into the crisis.
Egypt’s inflation rose to 26.5% in January 2023, up from 21.9% in the previous month and 8% in January 2022. Employers in Egypt should keep a close eye on the local situation, as rapid economic events can drastically impact business continuity.
Workers are negotiating higher salaries, and employers are taking proactive steps. Here are a few examples of what employers in Turkey are doing in response to mounting inflation.
Sudan’s deepening humanitarian crisis is set against multiple challenges, including economic struggles, natural disasters, and protracted refugee situations. Before the armed conflict began, 65% of the population lived below the poverty line. Decades of war, sanctions, and political instability have also added to the troubled nation’s economic hardships.
Iran’s countrywide protests have swelled in response to the Islamic republic’s economic stagnation. They are facing a record inflation of 42.9%
With the intent of the United States to reestablish ties and reinvest in Sub-Saharan Africa, employers in the region can anticipate a shift in the labor market. Monitoring the labor market early is critical for your organization to seize economic opportunities and remain competitive.
In November 2020, Zambia became the first African nation to default on its Eurobonds during the COVID-19 pandemic, bringing the country’s debt distress into headlines around the world. But recent events show the country’s economic outlook has markedly improved, given renewed optimism and increased investor confidence post-elections.
One of West Africa’s more prosperous countries has been rocked by a cost-of-living crisis. Inflation in Ghana reached 29.8% in June 2022, the highest level in two decades.
While the international community mobilizes to help Türkiye with its disaster needs, the ability to do so for Syria is much more complex. Demolished roads and tensions between rebel-held and government-controlled parts of the country slowed aid relief for Syria.
Lebanon is experiencing a financial and economic collapse that the World Bank ranks among the world’s worst since the 1850s. It’s not wrong to dollarize, but denominating salaries in US dollars requires careful thought. Remember that returning to the local currency is difficult once you’ve dollarized. Carefully consider how this process will affect your pay practices and staff.
Zimbabwean authorities are struggling to pull the Southeast African nation from the grip of a severe economic crisis characterized by a rapidly devaluing local currency. Trust in the Zimbabwean dollar (Zimdollar) has been low after people saw their savings depleted by hyperinflation in 2008.
