Global Inflation Facts
When Exporting to Foreign Countries, How Do you Price your Products?? Does Inflation in that Marketplace play a Role or you simply Ignore it?
?Food for thought.? As of the most recent projections (actual may be even higher) for 2024, here are the top 10 countries with the highest inflation rates, based on expected trends and economic conditions:
?1- Venezuela: Inflation is expected to remain extremely high, projected at around 180% in 2024. Venezuela has been struggling with hyperinflation for several years, driven by political instability and a collapsing economy.
?2- Argentina: Inflation is to remain high at around 117.80% in 2024 (Actual). ?The country has been dealing with hyperinflation for several years, driven by currency devaluation and debt issues.
3- Sudan: Inflation is projected at approximately 70% in 2024. The country has faced significant economic challenges, including political unrest and currency depreciation.
?4- Zimbabwe: Expected inflation in Zimbabwe for 2024 is around 50%. Zimbabwe has been grappling with persistent inflation and currency instability for a long time.
5- Turkey: As mentioned earlier, Turkey’s inflation rate is projected to be around 45% in 2024, due to currency depreciation, high food prices, and unconventional monetary policies.
?6- Ethiopia: Inflation in Ethiopia is expected to be 45% in 2024, driven by economic imbalances and political instability.
7- Iran: Iran's inflation rate is projected at 40% in 2024, influenced by sanctions, high food prices, and a depreciating currency.
8- Nigeria: Nigeria’s inflation rate is projected at 25% in 2024, driven by rising food prices, insecurity, and the impact of external factors like global energy prices.
9- Lebanon: Lebanon continues to experience high inflation, with a projection of around 30% for 2024, fueled by the country’s ongoing economic crisis and political instability.
?10- Angola: Inflation in Angola is projected at around 25% in 2024, influenced by issues such as currency depreciation and global commodity price fluctuations.
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To clarify matters, when Inflation is 180%, it means the item you bought a year ago for $ 100, is costing you today $ 280.? Shocking and devasting for the consumer.
?Key Drivers of High Inflation in These Countries:
??? Political instability and economic mismanagement.
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??? Currency depreciation leading to higher import prices.
??? Global commodity price increases (especially energy and food).
??? Sanctions and trade restrictions.
??? Debt crises and the inability to manage public finances effectively.
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These countries have experienced persistent inflationary pressures for multiple years, and while forecasts for 2024 are subject to change, the general trend indicates that high inflation will likely continue in many of them.
?Keep in mind, that in most cases the inflation numbers are much higher as the governments who provide them want to save face and minimize the repercussions by consumers and markets.
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Richard Conroy Brendan McBride Vishal Daftuar Mark Richards Melih Oztalay Robert Sullivan Donna Valicenti John Macina Gary Chang Nara Bajenoff William Macina Tim Binkis Mike Eischer Lauren Banyar Reich Nina M. Vorndran Lisa Koch Jeff Harris David Shavzin Jim de Vries Joseph Polanin Arnaldo Carrera Matthew Putnam
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I help businesses manage their mobile devices and reduce wireless spending by an average of 25% or more.
1 个月And we thought we had it bad. Good to see where it doesn't make sense to focus your selling efforts.
Melih Oztalay Improves Digital Marketing Results | $30M+ generated for clients | Helping businesses increase by 200% their website conversions by optimizing their landing pages & CTAs
1 个月Let me ask a few people from my network to join this conversation with their economic insights. What do you think Sophie Alcorn, ?? Jim Marous Scott A. Scanlon, Sandy Carter, Sanford Kahn
Melih Oztalay Improves Digital Marketing Results | $30M+ generated for clients | Helping businesses increase by 200% their website conversions by optimizing their landing pages & CTAs
1 个月Insightful analysis, Nabil Nahra Inflation’s impact on global markets is a significant challenge, especially for businesses navigating exports. Your breakdown of the top 10 countries and key drivers provides much-needed clarity. Businesses need to consider these factors when pricing products internationally to remain competitive and sustainable. Looking forward to more of your expertise in global business strategies. ?? #GlobalInflation #InternationalBusiness #MarketInsights #inflation #globaleconomy
Marketing Consultant to Small & Mid-size Business
1 个月Thank you Bobby Giurintano. Smaller countries do not have the resources and know how to manage inflation and control it. It poses major concerns for companies to do business in these markets and compete long term.
CEO of Premium Recovery Experts / VP of Sales at Double Play Marketing & Sales / Teaching professionals how to get 3-5 warm introductions per week using LinkedIn, Sales Nav, & Networking / Hockey Nut / Dog Dad / Foodie
1 个月WOW! Those inflation numbers are staggering Nabil Nahra. Great article.