Steve Hanke Annual Misery Index 2018 conducted at John Hopkins University in Baltimore, United States ranked Nigeria as the 6th most miserable country in the world after Venezuela, Argentina, Iran, Brazil and Turkey.
“The original Misery Index was just a simple sum of a nation’s annual inflation rate and its unemployment rate.Higher readings on the first three elements are ‘bad’ and make people more miserable. These are offset by a ‘good’ (GDP per capita growth), which is subtracted from the sum of the ‘bads.’
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.”
In the sphere of economics, misery tends to flow from high inflation, steep borrowing costs and unemployment,” Hanke warns.
For Nigeria, unemployment rate was the major contributing factor to its miserable state. According to Hanke, “The first Misery Index was constructed by economist Art Okun in the 1960s as a way to provide President Lyndon Johnson with an easily digestible snapshot of the economy.
Thailand and Hungary rank as the least miserable countries in the world on the 2018 Misery Index, having ranked 95th and 94th respectively of the 95 countries ranked by Hanke.