Venezuela and Argentina are the only other countries with economies in a worse-off position than South Africa’s.
Calculated from unemployment and consumer inflation data from 63 countries, Venezuela’s misery score for 2016 is a whopping 159,7 – more than four times that of second-placed Argentina, which fell three spots from the fifth worst economy last year, with a score of 39,9.
While South Africa’s misery ranking remains unchanged from last year, its misery index score increased from 30,2 to 32 this year, indicating that SA’s unemployment rate and inflation has worsened over the year.
Greece and the Ukraine round up the top five most-miserable economies in the world, scoring 27 and 26,3 respectively.
The index also reveals that Greece and SA have the highest unemployment rates among the five worst global economies, while the Ukraine grapples with both high inflation and unemployment.
According to the index, Thailand (2,2), Singapore (2,6) and Switzerland (3,2) have the least miserable economies among the countries studied.