In the latest report, Zimbabwe claims the title of the most miserable country, while Switzerland shines as the least miserable. Discover where India stands in this global ranking
The world is a diverse place, with countries experiencing varying levels of economic prosperity and happiness. The Hanke’s Annual Misery Index (HAMI) provides an interesting insight into how countries are ranked in terms of their economic conditions and overall well-being. In this article, we will delve into the findings of the HAMI report, exploring the most miserable countries, the least miserable countries, and the factors contributing to these rankings. We will also examine where India stands in comparison to other nations in terms of misery and happiness.
Overview of Hanke’s Annual Misery Index (HAMI)
The HAMI is an annual report that evaluates countries based on their economic conditions. The index takes into account various factors such as unemployment, inflation, bank lending rates, and GDP growth to determine the overall misery score for each country. A higher score indicates a higher level of misery experienced by the country’s population.
Methodology
Economist Steve Hanke is the creator of the HAMI report. He calculates the rankings by factoring in aspects like unemployment, inflation, bank lending rates, and the percentage change in GDP for each country. In the 2022 edition of the report, 157 countries were analysed to determine their rankings on the misery index.
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The Most Miserable Countries in the World
According to the HAMI report, Zimbabwe topped the list of the most miserable countries in the world. The country’s economic mismanagement, skyrocketing inflation, high unemployment, and anaemic real GDP growth contributed to its high misery score. Other countries in the top 15 list of most miserable nations include Venezuela, Syria, Lebanon, Sudan, Argentina, Yemen, Ukraine, Cuba, Turkey, Sri Lanka, Haiti, Angola, Tonga, and Ghana.
Zimbabwe: The World’s Most Miserable Country
Zimbabwe’s economic mismanagement and the policies of President Emmerson Mnangagwa and his ZANU-PF party have resulted in massive misery for the citizens of Zimbabwe. Inflation in the country reached a staggering 243.8% last year, leading to widespread discontent among the population. The HAMI report highlighted that Zimbabwe’s ranking emerged out of “economic mismanagement,” causing inflation and resulting in unhappiness among residents.
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Other Miserable Countries: War-torn Nations and Economic Crises
Several war-torn nations such as Syria, Lebanon, Sudan, and Ukraine also featured in the list of most miserable countries. The ongoing civil war in Syria has left the country in a state of chaos and despair, leading to a ranking of third most miserable country. Countries like Venezuela, which have experienced episodes of hyperinflation, also ranked high on the misery index, coming in second place.
The Least Miserable Countries in the World
On the other end of the spectrum, Switzerland was ranked as the least miserable country in the world, with the lowest HAMI score. Other countries that ranked low on the misery index include Kuwait, Ireland, Japan, Malaysia, Taiwan, Niger, Thailand, Togo, and Malta.
Switzerland: The Happiest Country in Terms of Least Misery
Switzerland’s low HAMI score can be attributed to factors such as the “Swiss debt brake,” which has contributed to the country’s economic stability. Steve Hanke, the creator of the HAMI report, praised Switzerland for its successful economic policies, stating that the debt brake has “worked like a charm.”
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Other Least Miserable Countries: Economic Stability and Prosperity
Countries such as Kuwait, Ireland, Japan, and Malaysia also ranked low on the misery index, indicating that their populations experience relatively low levels of misery due to factors such as economic stability and prosperity.
Where India Stands on the Misery Index
India ranked 103rd on the misery index, with unemployment being the primary contributing factor to the country’s misery score. In comparison to other countries, India fared better than nations like Brazil (rank 27), Pakistan (rank 35), Nepal (rank 63), and Sweden (rank 88).
Comparing the World’s Happiest Countries and the Misery Index
Interestingly, Finland, which has been ranked as the world’s happiest country for six consecutive years by the World Happiness Report, ranked 109th on the misery index. This discrepancy can be attributed to the fact that the World Happiness Report and the HAMI focus on different factors to determine their rankings. While the World Happiness Report considers factors such as social support, life expectancy, and freedom to make life choices, the HAMI primarily focuses on economic conditions.
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The United States, which is often considered one of the most sought-after countries to live in, ranked 135th on the misery index due to factors such as high unemployment rates. The United Kingdom, on the other hand, ranked 129th due to its ongoing inflation crisis.
Conclusion
The Hanke’s Annual Misery Index provides an illuminating glimpse into the economic conditions and overall misery experienced by populations across the world. Countries like Zimbabwe, Venezuela, and Syria top the list of the most miserable nations, while Switzerland, Kuwait, and Ireland rank among the least miserable countries. India’s ranking at 103rd place indicates that there is still much work to be done in terms of addressing the country’s unemployment and other economic issues.
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The rankings on the HAMI report serve as an important reminder that a nation’s happiness and well-being are closely tied to its economic conditions, and that governments around the world must prioritise sound economic policies and strategies to ensure the prosperity and happiness of their citizens.
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