The recently published report by Steve Hanke, an economist from John Hopkins University in Baltimore, United state, listed Nigeria, Venezuela, Iran, Brazil, others among the first 10 miserable countries in the world.
According to the report Venezuela was listed as the most miserable country in the world. Reacting to this Hanke said, “Venezuela holds the inglorious title of the most miserable country in the world in 2018, as it did in 2017, 2016, and 2015.”
However, Argentina jumped to the No. 2 spot after yet another peso crisis. Since its founding, Argentina has been burdened with numerous economic crises. Most can be laid at the feet of domestic mismanagement and currency problems.
Iran took third in the ranking, before Brazil that made it to the fourth position. Turkey took the fifth position as the giant of Africa Nigeria emerged sixth.
The Misery Index was calculated using economic indices including unemployment, inflation and bank lending rates. For Nigeria, unemployment rate was the major contributing factor to its miserable state.