If you’re one of those Londoners complaining about your miserable morning commute then this news story will make you feel pretty lucky.
Venezuela has won the not-so-coveted title of the world’s most miserable economy.
According to Bloomberg’s misery index for 2015, the country is set to see the most economic misery of all countries this year.
Why? The country’s just entered a recession and its economy is set to shrink by 7% this year. Its inflation stands at a whopping 78.5%. In fact, Venezuela is in such dire straits that it has had to do a tissue paper-for-oil swap with Trinidad and Tobago to deal with its consumer goods shortage.
Bloomberg’s equation for calculating the misery
Unemployment rate + change in the consumer price index = misery
Second on the list is Argentina which saw its economy shrink by 1.5% in 2014 and will contract a further 1.4% this year. However in 2016, it is set to grow 2.6%.
South Africa was named the third-most miserable economy, thanks to a recession that hit the country in 2009. The country’s growth forecasts have been downgraded from 2.5% to 2% this year.
Here are the 15 most miserable economies of 2015:
1. Venezuela
2. Argentina
3. South Africa
4. Ukraine
5. Greece
6. Spain
7. Russia
8. Croatia
9. Turkey
10. Portugal
11. Italy
12. Colombia
13. Brazil
14. Slovakia
15. Indonesia
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