Off Economic phenomenon.

[fullhdpixel]

I would believe we are from the same country because same situation you talked about are what my country face right now. The Naira which is the Local currency of my country was really fall compared to naira and was heading towards ₦2000 for $1 which is super crazy causing the price of goods and services to sky rocket leading to hardship in the country.
This situation is as a result of bad government with not strategy to handle the nation economy, to make matter worse the country decided to target Binance seeing it as the cause of the Naira Falling.

I think the situation is bad even if we are now seeing temporary progress in the value of Naira but not reflecting in the price of goods and services.

It is sad to say that this is not only the situation in your country but many other countries are going through the same situation.
Many small countries have almost reached the point of default due to borrowing from developed countries.

The currency of debtor countries does not have the same value as the currency of developed countries. When the value of a country's currency falls, it has to buy goods from other countries at high prices, and when goods are imported at high prices, they are sold at high prices in the country due to which inflation rises rapidly.

Therefore, if any country wants to increase the value of its currency, it has to get rid of debt, which seems almost impossible considering the current situation.
I sincerely want my country to develop and not get into more debt and I believe that the people of every country want the same.

[Promocodeudo]

I think a change of government and administrative reshuffling can be a contributing phenomenon to the economic situation of a country at any time, because a new government would try to tip the scale in their favour with new policies and systems.
While scrutinizing the former administration, they may create a lag and soonest, attention would be diverted to setting up panels or agencies that would require financing to function while other sectors of the economy will sit
idly waiting on outcomes of court cases and investigations ongoing.

Most times when their is change in government it really affect the economic aspect of the country as you said, many countries have suffered this because most new presidents are clueless instead concentrating on building a good legacy towards enhancing and setting a way of good economic system, they will be busy chasing shadows, am not against any new government fighting corruption in a transparent way but this should not make the leaders and his economic deviate from the main thing which is making economic policies that will strengthen the country economically to withstand inflation to an extent when it occurs.

[moneystery]

-snip-
What do you think this Economic phenomenon is and what exactly is causing it? Has your country been in a situation like this throughout it's history, and how was it resolved? 

we cannot equate the economic conditions of each country, because political conditions, leaders' policies, and many other factors can influence the conditions of a country. for example, my country and its neighboring country, even though they are in the same region, the conditions of the two countries are very different, one is a developed country and one is a developing country. this is because their country's leaders are better at managing the country and are good at diplomacy, so it can provide economic benefits to their country.

but fortunately our country's economy has developed significantly, this is because our president has adopted appropriate policies and is able to read future economic opportunities and can provide added value through managing the resources that our country has. so maybe your country can imitate the steps taken by my country so that it can advance your economy.

[Alone055]

It is sad to say that this is not only the situation in your country but many other countries are going through the same situation.
Many small countries have almost reached the point of default due to borrowing from developed countries.

That is a sad reality, but who is to be blamed for that? I guess the governments and those who are in power and are misusing their powers by filling their pockets with the money they get from within their countries and then borrowing from other countries for development and other purposes. That is completely wrong but what can be done at the end of the day?

The currency of debtor countries does not have the same value as the currency of developed countries. When the value of a country's currency falls, it has to buy goods from other countries at high prices, and when goods are imported at high prices, they are sold at high prices in the country due to which inflation rises rapidly.

Such countries need to increase the production of goods within the country so that they can import goods as well to make the economy better. I'm pretty sure that any country in the world will have at least something to produce that they can export to get some funds in return for their economy.

I sincerely want my country to develop and not get into more debt and I believe that the people of every country want the same.

Who doesn't want that?  Every citizen of a third-world or developing country would want their country to prosper and get out of all the bad economic situations so that they can live peacefully without any problems.

[Iranus]

It is sad to say that this is not only the situation in your country but many other countries are going through the same situation.
Many small countries have almost reached the point of default due to borrowing from developed countries.

That is a sad reality, but who is to be blamed for that? I guess the governments and those who are in power and are misusing their powers by filling their pockets with the money they get from within their countries and then borrowing from other countries for development and other purposes. That is completely wrong but what can be done at the end of the day?

The currency of debtor countries does not have the same value as the currency of developed countries. When the value of a country's currency falls, it has to buy goods from other countries at high prices, and when goods are imported at high prices, they are sold at high prices in the country due to which inflation rises rapidly.

Such countries need to increase the production of goods within the country so that they can import goods as well to make the economy better. I'm pretty sure that any country in the world will have at least something to produce that they can export to get some funds in return for their economy.

I sincerely want my country to develop and not get into more debt and I believe that the people of every country want the same.

Who doesn't want that?  Every citizen of a third-world or developing country would want their country to prosper and get out of all the bad economic situations so that they can live peacefully without any problems.

The status of a country depends on the contributions of the government and its people, when the economy goes down, it's both people's fault, not just one person's. People blame the government for only being corrupt and not paying attention to people's lives and the domestic economy. Meanwhile, people find ways to avoid taxes because they think the government does not help but wants to tax them. Since then, the economic situation has become increasingly worse because everyone selfishly thinks poorly of others and only cares about themselves.

Like you, you always say you want the country to develop and have a strong economy, but have you paid enough taxes and strictly complied with the law? None of us are very good at it, including me, and we like to blame the government. The fault is everyone's, don't just blame the government or the people and think you are innocent.

[Darker45]

The prices of your country's goods and services aren't necessarily bound by the strength of the dollar. So the rise and fall of your local currency against the dollar doesn't necessarily determine the changes in the prices of your goods and services. The strength of your currency, of course, will have an effect on the affordability of the goods and services, but it isn't like you can take a look at the forex exchange charts now and then you go to the market right after to check how the changes reflect on the prices.

[retreat]

Also, incompetent leadership of the country and corruption.

Having incompetent leaders has a big impact on the inflation rate. Because of his various incompetent decisions which have a direct impact on the country's economy. As happened in Argentina, where the country faced inflation and stagnant economic growth, this caused inflation in the country to increase to 250%, which weakened their currency and paralyzed the economy. Even though Argentina was once one of the 10 richest countries in the world, now they have fallen and become a poor country. This is why it is important to be able to choose competent leaders, because it is very crucial to the development of a country.

[adiksau0414]

There can be several factors leading to a currency depreciation, including high inflation rates, political instability, trade deficits, and high levels of national debt. In order to address this issue, countries often need to implement policies to stabilize their currency and control inflation. This can involve measures such as increasing interest rates, reducing government spending, and implementing reforms to improve the economy.

In my country, we have also experienced periods of currency depreciation and high inflation. In some cases, the government has been able to implement successful policies to stabilize the currency and bring inflation under control. However, in other cases, the situation has been more difficult to resolve and has required more drastic measures.

Overall, it is important for countries to carefully manage their economies and work towards stability in order to protect the standard of living for their citizens. It may require a combination of fiscal and monetary policies, as well as addressing underlying structural issues in the economy.

[jaberwock]

The prices of your country's goods and services aren't necessarily bound by the strength of the dollar. So the rise and fall of your local currency against the dollar doesn't necessarily determine the changes in the prices of your goods and services. The strength of your currency, of course, will have an effect on the affordability of the goods and services, but it isn't like you can take a look at the forex exchange charts now and then you go to the market right after to check how the changes reflect on the prices.

I agree, especially on the last thing that you said, it's because the change in price for the currencies are also normal and this is what we called as fluctuations or volatility. Even the price of other goods can experience it too. Maybe if there is a major change in their price, that must be the time for us to be suspicious and think that the rates have officially changed and one of the cause of it is either the currencies value have increased or decreased, or it was the other way around, and this can be applied for quite some time.

It is still possible for us to take advantage of the price differences/change. Same principles can we apply here in crypto like obtaining/buying them at lows and then exchanging/selling them at highs.

[Zoomic]

The prices of your country's goods and services aren't necessarily bound by the strength of the dollar. So the rise and fall of your local currency against the dollar doesn't necessarily determine the changes in the prices of your goods and services. The strength of your currency, of course, will have an effect on the affordability of the goods and services, but it isn't like you can take a look at the forex exchange charts now and then you go to the market right after to check how the changes reflect on the prices.

I have come to realise a long time ago that dollar is not the only factor that determines the prices of goods and services in a country. In a country where there are no agencies monitoring the prices of commodities in that country,  whosalers, retailers (especially middle men in the chains of distribution) can manipulate the prices of commodities and services and still make it look like it is the fault of the government. Maybe they are right, it is partly the fault of the government because they have failed to properly monitor what the business men do in  their countries. Most times,  these business men hoard goods, thereby causing artificial Scarcity so the people will pay huge amounts to get them since the commodities are scarce.

The difference in the present economic situation in countries will depend solely on how the government handles the situation and the policies put in place to ensure people do not suffer unduly.

[topbitcoin]

There can be several factors leading to a currency depreciation, including high inflation rates, political instability, trade deficits, and high levels of national debt. In order to address this issue, countries often need to implement policies to stabilize their currency and control inflation. This can involve measures such as increasing interest rates, reducing government spending, and implementing reforms to improve the economy.

In my country, we have also experienced periods of currency depreciation and high inflation. In some cases, the government has been able to implement successful policies to stabilize the currency and bring inflation under control. However, in other cases, the situation has been more difficult to resolve and has required more drastic measures.

Overall, it is important for countries to carefully manage their economies and work towards stability in order to protect the standard of living for their citizens. It may require a combination of fiscal and monetary policies, as well as addressing underlying structural issues in the economy.

Currency depreciation can result from factors like inflation, political instability, trade imbalances, and national debts. When countries have to face this problem, they usually have to do something drastic. These steps might include raising interest rates, decreasing government expenditure, and applying economic reforms. Although certain countries may deal with currency depreciation and high inflation rates efficiently, the difficulties could be intense and require major actions sometimes. To maintain a high quality of living for their people, nations should manage their economies properly and strive for stability.
In order to successfully address economic challenges, a combination of fiscal and monetary policies could be adopted, along with paying attention to the root structural problems in the economy. Knowledge about the factors influencing the decline of currency value and the rise in inflation, as well as the correct actions that should be undertaken, is indispensable for any country that seeks to maintain the prosperity and welfare of its inhabitants.