The economy of Zimbabwe mainly relies on the tertiary sector of the economy, also known as the service sector of the economy, which makes up to 60% of total GDP as of 2017. Zimbabwe has the second biggest Informal economy in the world as a percentage of its economy, with a score of 60.6%. Agriculture and mining largely contribute to exports. After continuous negative growth between 1999 and 2008, the economy of Zimbabwe grew at a meteoric annual rate of 34% from 2008 to 2013, rendering it the fastest-growing economy in the world. Growth since then has been volatile, but averaged 5% on an end-to-end basis. The country has reserves of metallurgical-grade Chromite. Other commercial mineral deposits include Coal, asbestos, copper, nickel, gold, platinum and Iron ore. Current economic conditions In 2000, Zimbabwe planned a land redistribution act to collect white-owned, commercial farms attained through colonization and return the land to the black majority. The new occupants, mainly consisting of indigenous citizens and several prominent members of the ruling ZANU-PF administration, were inexperienced or uninterested in farming, thereby failing to retain the labour-intensive, highly efficient management of previous landowners. Short term gains were achieved by selling the land or equipment. The contemporary lack of agricultural expertise triggered severe export losses and negatively affected market confidence. The country has experienced a massive drop in food production and idle land is now being utilised by rural communities practicing subsistence farming. Production of staple foodstuffs, such as maize, has recovered accordingly – unlike typical export crops including tobacco and coffee. Zimbabwe has also sustained the 30th occurrence of recorded hyperinflation in world history. Government spending is 29.7% of GDP. State enterprises are strongly subsidized. Taxes and tariffs are high, and state regulation is costly to companies. Starting or closing a business is slow and costly. Due to the regulations of the labor market, hiring and terminating workers is a lengthy process. By 2008, unemployment had risen to 94%. Interestingly, as at December 2021, Zimbabwe's official unemployment rate, even according to World Bank stood at 5.17%, making it one of the lowest unemployment rates in Africa. This can also be supported by employment websites in Zimbabwe like Work In Zimbabwe which posts several Jobs in Zimbabwe daily. A 2014 report by the Africa Progress Panel found that, of all the African countries examined when determining how many years it would take to double per