Tehran (ISNA) – Unlike advanced economies, the Corona Pandemic has worsened the inflation in many developing countries. For further discussing effects of Corona on economies, we’d asked Professor Hanke for commentary.
Steve Hanke is a Professor of Applied Economics at the Johns Hopkins University in Baltimore (USA) and is the world’s expert at measuring hyperinflations.
Venezuela has the highest inflation rate in the world now
Asking about his estimation of Iran’s 2020 inflation rate and prediction about next year, Mr.Hanke responded: My most recent measurement for Iran’s annual inflation rate is for today, December 26, 2020. It is 99% per year. I measure inflation very accurately, but, in countries with elevated inflation rates, like Iran, it is virtually impossible to make accurate forecasts for the course and duration of inflation. As a result, I do not make forecasts for countries with elevated inflation rates.
These are countries with the highest inflation rates in the world by Dec.26 according to Professor Hanke:
U.S government performance to protect economy against Corona
Asking about whether he thinks that the U.S government was successful to abate Corona’s effects on its economy? Profesor Hanke said, “No. They did not properly take into account the economic impact of the various regulations and lockdowns that were imposed. The “experts” gave conflicting and confusing advice and rarely took into account the serious damage done to the economy by the thoughtless lockdowns that were imposed in an ad hoc manner.”