Jamaica has once again been included on an unenviable list. According to Hanke’s Annual Misery Index, Jamaica was ranked as the 55th most miserable country in the last ranking which was based on economics.
The higher the number, the less depressing a country is thought to be, according to the survey provided, which assesses 157 nations. The only positive from this report for Jamaica is that they are not at the top of this list.
Applied economics professor Steve Hanke at Johns Hopkins University was the inspiration for the name of the index. The index is calculated by adding the unemployment rate multiplied by two, the bank lending rates, and the inflation rate and subtracting the percentage change in real GDP per capita over a 12-month period.
Unemployment was the main factor affecting Jamaica’s ranking. There is a tie between the tiny island of Jamaica and Burundi as it relates to misery in its population and financial issues, with inflation in Burundi being one of the biggest problems.
There are a few Caribbean countries that are doing well on the list, such as Barbados, which is ranked 83rd, and Trinidad and Tobago, even doing better with a rank of 107th. In order of the least depressed countries, Switzerland is ranked first, followed by Kuwait, Ireland, Japan, and Malaysia.
Due to the country’s high inflation rate, Zimbabwe is ranked as number one on the list of most miserable places on earth, second is Venezuela, where high inflation also plays a significant role, war-torn countries Syria, Lebanon, and Sudan round out the top five most miserable countries, respectively.