Zimbabwe, which surpasses Venezuela, Cuba, and Syria’s civil conflict as the world’s most desolate nation.
This is supported by an annual “misery index,” which scores over 160 nations based on variables such as unemployment rates, inflation rates, and bank lending rates.
The African country, which is home to some 16 million people, has now been listed as one of the five most depressing countries for three years running. Britain dropped from 153rd to 129th this year, which is worse than previous.
The ranking’s chief economist, Professor Steve Hanke, asserted that inflation, which was 10.1% in March, has been a “major contributing factor.”
Despite currently being on a downward trend, it caused the highest increase in food prices since 1977 and increased the yearly cost to the typical household by £800.
But the US moved the other way, from 102nd to 134th.
Zimbabwe under Robert Mugabe’s cruel dictatorship became an international pariah, engulfed in corruption, bloodshed, and an economic disaster that drove tens of thousands into abject poverty.
Despite the late ex-President’s removal from office in 2017, the mineral-rich nation is still dealing with the economic effects of his 37-year rule.
Venezuela, which has likewise suffered from “economic mismanagement,” and Syria, which has been engulfed in a horrifying civil war for more than ten years, were the two countries that lagged behind Zimbabwe on Hanke’s Annual Misery Index.
Britain dropped from 153rd to 129th this year, which is worse than previous.
The ranking’s chief economist, Professor Steve Hanke, asserted that inflation, which was 10.1% in March, has been a “major contributing factor.”
Despite currently being on a downward trend, it caused the highest increase in food prices since 1977 and increased the yearly cost to the typical household by £800.
In contrast, the US dropped from 102nd to 134th place.
The main contributing cause was high unemployment, which was at its lowest level in decades in April with only 3.4% of Americans (5.7 million) unemployed.
Professor Hanke cited unemployment as the reason why Ukraine, which is presently defending its territory in a brutal and horrific conflict initiated by Vladimir Putin’s invading Russian soldiers, came in ninth.
According to local media, the conflict caused the unemployment rate to quadruple to 35%, or 5.2 million people without jobs. The amount is based on a National Bank of Ukraine report.
An algorithm used for the misery index assigns each country a score based on its GDP growth, unemployment, inflation, and interest rates. It does not consider any additional indicators, such as resident surveys or health.
