Renowned economist Steve Hanke named Zimbabwe as the most miserable country on his Steve Hanke’s Annual Misery Index (HAMI) ranking it 157. Hanke said that Zimbabwe received the ranking due to inflation and economic mismanagement which has led to Zimbabweans unhappiness.
Hanke assigns a HAMI score for each country by forming an equation using metrics like unemployment, inflation, bank-lending rates and the percentage change in GDP.
Thanks to stunning inflation, high unemployment, high lending rates, and anemic real GDP growth, Zimbabwe clocks in as the WORLD'S MOST MISERABLE COUNTRY in the Hanke 2022 Annual Misery Index. Need I say more? pic.twitter.com/0uhfnWQUyW— Steve Hanke (@steve_hanke) May 21, 2023
He also blamed ruling party ZANU-PF and its policies and said they have inflicted “massive misery” on Zimbabweans.
Venezuela, Syria, Lebanon, Sudan, Argentina, Yemen, Ukraine, Cuba and Turkey followed Zimbabwe as the most miserable countries in the world.
Speaking of Syria’s ranking as the third least happy country, Hanke told the New York Post that it is not surprising given the country’s prolonged civil war lasting over 12 years.
Switzerland emerged as the happiest country with the lowest HAMI score, which Hanke attributed to factors like favourable debt-to-GDP ratio.
Kuwait secured the second spot, followed by Ireland, Japan, Malaysia, Taiwan, Niger, Thailand, Togo, and Malta.
Over $74bn in American taxpayer money has been dumped into the USA’s proxy war in Ukraine. With an unemployment rate of ~20%, Ukraine is now the 8th most miserable country IN THE WORLD according to the Hanke 2022 Annual Misery Index. Yet another great American “success” story. pic.twitter.com/N0yhiOyZgo— Steve Hanke (@steve_hanke) May 23, 2023
India ranked 103rd on the list, with unemployment contributing to the country’s misery.
The United States ranked 134th, with unemployment being the primary cause of unhappiness. Finland, known for its consistent top ranking in the World Happiness Report, placed 109th on the misery index.
“The human condition lies on a vast spectrum between ‘miserable’ and ‘happy,’ ” Hanke was quoted as saying by the New York Post.
According to him, the key to reducing a country’s misery caused by factors like high inflation, steep borrowing costs, and unemployment is to foster economic growth.
He highlighted that evaluating different countries’ metrics can provide valuable insights into the happiness or sadness experienced by people around the world.
Hanke’s calculation is an altered rendition of the misery index created by Arthur Okun, an economist who served as the chairman of the Council of Economic Advisors during the tenure of former US President Lyndon B. Johnson.