In his annual ‘misery index, professor of Applied Economics at Johns Hopkins University Steve Hanke has placed Zimbabwe ahead of Venezuela, Syria and Lebanon citing soaring inflation.
“Zimbabwe has suffered endemic inflation since the Mugabe era, including two episodes of hyperinflation, in which the inflation rate exceeded 50% per month for 30 or more days,” said Hanke
“Last year didn’t deliver much better, with annual inflation at 243.8%, and lending rates following suit at 131.8%.”
Venezuela's two episodes of hyperinflation under Nicolás Maduro’s reign and the 76% collapse of oil production of its state-owned oil company PDVSA see it in second.
At the other end of the chart, Switzerland was the ‘happiest’, ahead of Kuwait and Ireland.
The index is the sum of unemployment (multiplied by two), inflation, and bank-lending rates, minus the annual percentage change in real GDP per capita.
Top 10 ‘miserable’ countries
1. Zimbabwe
2. Venezuela
3. Syria
4. Lebanon
5. Sudan
6. Argentina
7. Yemen
8. Ukraine
9. Cuba
10. Turkey
Top 10 ‘happiest’ countries
1. Switzerland
2. Kuwait
3. Ireland
4. Japan
5. Malaysia
6. Taiwan
7. Niger
8. Thailand
9. Togo
10. Malta
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