Renowned economist Steve Hanke’s Annual Misery Index reveals global rankings based on economic conditions
Zimbabwe has been named the most miserable country in the world, according to economist Steve Hanke’s Annual Misery Index (HAMI). The index, which analyzes economic conditions, compares nations based on factors such as inflation, unemployment rates, lending rates, and real GDP growth. Out of 157 countries assessed, Zimbabwe’s staggering inflation rate of 243.8 percent last year propelled it to the top of the list, surpassing war-torn nations like Ukraine, Syria, and Sudan.
In a tweet, Steve Hanke attributed Zimbabwe’s dire situation to the policies of the country’s ruling political party, ZANU-PF. Hanke referred to the party’s actions as inflicting “massive misery” upon the nation’s population.
Joining Zimbabwe in the top 15 list of most miserable nations were Venezuela, Syria, Lebanon, Sudan, Argentina, Yemen, Ukraine, Cuba, Sri Lanka, Haiti, Angola, Tonga, and Ghana. These countries face a range of economic challenges, from high inflation and unemployment to political instability.
On the other end of the spectrum, Switzerland emerged as the country with the lowest HAMI score, indicating the highest level of happiness among its citizens. Steve Hanke credited Switzerland’s success to its low debt-to-GDP ratio, which is supported by the Swiss debt brake policy. Kuwait secured the second-happiest country position, followed by Ireland, Japan, Malaysia, Taiwan, Niger, Thailand, Togo, and Malta.
India, however, found itself at a ranking of 103 on the list. The main contributing factor to India’s level of misery was identified as unemployment. The United States also faced a low ranking, standing at 134th, with unemployment being the leading cause of unhappiness. Surprisingly, Finland, which has consistently topped the World Happiness Report for six consecutive years, ranked 109th on the misery index.
The Annual Misery Index is compiled by Steve Hanke, a professor of Applied Economics at John Hopkins University. The index combines factors such as unemployment (multiplied by two), inflation, and bank-lending rates, while also considering the annual percentage change in real GDP per capita.
While these rankings provide insights into the economic conditions and levels of happiness across countries, they should be viewed as one perspective among many when assessing a nation’s overall well-being.
