Business Insider classified Greece among the most miserable countries in the world, based on the unemployment rate and the high prices of products.
Business Insider cites a Bloomberg survey that counts misery in each country with the “misery index.” It is measured by adding the unemployment rate to the inflation rate.
The index was created by economist Arthur Okoun and in previous decades was a very popular term in the USA. Despite the criticism the “misery index” has received, scientific research has shown that unemployment and inflation affects the psychology of citizens.
Venezuela tops the list of the most miserable places with 59.50% (CPI inflation at 52.7%, unemployment at 7.1%) and South Africa comes second with 31.80% (CPI inflation at 6.3%, unemployment at 25.5%).
Greece ranks third with 27.10% (CPI inflation at 0.7%, unemployment at 27.8%). The survey highlights the problem of the increased unemployment when referring to the country’s situation after the six-year recession and dealing with the debt crisis.
According to Business Insider, the Greek public sector makes up 40% of the GDP and tourism accounts for 18%. Almost 20% of workers are immigrants and take the agricultural and unskilled jobs. It is also noted that Greece is the first developed country that is now considered an “emerging market.”
The list with the 21 most miserable countries:
- South Africa