Inflation is stubbornly high almost everywhere in the world. For this year, the IMF expects an average inflation rate of 7 percent worldwide. But in countries such as Zimbabwe, Venezuela and Argentina inflation is many times higher and that leads to miserable conditions.
But high inflation is not the only factor damaging the economy and the mood of the population. Unemployment and the interest you have to pay to borrow money also contribute to this.
American professor of applied economics Steve H. Hanke of Johns Hopkins University has developed an index to identify the ‘most miserable countries’ in the world.
Of the 157 countries that he has included in his ranking this year, Switzerland is the ‘least miserable’. Position 157 is the best outcome in this case, as the ranking goes from ‘most miserable’ to ‘least miserable.’
The Netherlands is doing relatively well in place 138, because only nineteen countries score better. This includes countries such as Vietnam, Norway and China. On the other hand, things are going slightly better in the Netherlands than in the United States and Germany. According to Hanke, inflation is the main problem in our country.
But in which countries are things really bad? These are the ten countries where things are really miserable, with the biggest economic problem per country in parentheses:
1. Zimbabwe (inflation)
Inflation in Zimbabwe was 75.2 percent on an annual basis last April, which was lower than the peak level of 108.7 percent in October 2022.
2. Venezuela (inflation)
Last April, inflation in Venezuela was 436.3 percent on an annual basis, just down from 439.6 percent in March.
3. Syria (unemployment)
Recent data are not available, but in 2022 official unemployment in Syria was estimated to be 9.6 percent.
4. Lebanon (inflation)
In Lebanon, inflation last April was 269 percent on an annual basis, the highest level this year.
5. Sudan (inflation)
Sudan had an inflation rate of 63.3 percent in February this year.
6. Argentina (inflation)
Inflation in Argentina was officially 109 percent in April, the highest level this year.
7. Yemen (inflation)
The projected inflation in Yemen for 2023 is 17 percent, the IMF estimates.
8. Ukraine (unemployment)
Unemployment in Ukraine, partly due to the disruption caused by the war, was estimated at 24.5 percent of the labor force in December 2022.
9. Cuba (inflation)
In Cuba, annual inflation in March this year was 46.4 percent, the highest level of 2023.
10. Turkey (inflation)
Turkish inflation was 43.7 percent on an annual basis in April, the lowest level this year.
