The misery index was first created by Arthur Okun, an economist and advisor to President Lyndon Johnson in the 60s, he suggested that by adding the unemployment rate to a worsening inflation rate – the result would impact on the economic and social cost to a specific country, thus creating a state of misery.
Understandably, the good folk of Venezuela, are miserable, falling oil prices, and strict currency controls has made life a bit uncomfortable, there is widespread food shortages, and inflation has rocketed to 78.5%.
South Africa’s misery stems from the high unemployment rate, ranked at 25% ( Cato public policy research organization) – 8th highest unemployment rate in the world(report issued by the International Labour Organization, 2015).
A bit better than other African countries, Sudan(11)Egypt(18),Algeria(45)Mauritius(56)Seychelles(62) and Morocco(69).
Inflation rate for South Africa for December 2014 was recorded as 5.3%.
Ukraine, Greece and Spain are the most depressed nations in Europe, while, Brunei, Switzerland, China, Taiwan and Japan are the least miserable.
About the author:
Moira Rowan
Immigrated to the UK 20 years ago, has an interest in art, culture, community and upliftment projects, is a keen cook, and has a cordon bleu qualification. Currently involved in academia and research. Loves a bargain, and is known as the Voucher Queen amongst her friends. Enjoys writing on topics that interests her. You can follower her on twitter @rowanmoira
