A report by Steve Hanke, an economist from John Hopkins University in Baltimore, United States, has listed Nigeria, Venezuela, Iran, Brazil and others among the first 10 miserable countries in the world with Nigeria assuming the sixth position.
According to the report, Venezuela was listed as the most miserable country in the world, saying: “Venezuela holds the inglorious title of the most miserable country in the world in 2018, as it did in 2017, 2016, and 2015.”
Iran took third in the ranking while Brazil made it to the fourth position. Turkey took fifth position as the giant of Africa, Nigeria, emerged sixth.
The Misery Index was calculated using economic indices, including unemployment, inflation and bank lending rates.
For Nigeria, unemployment rate was the major contributing factor to its miserable state.
The report added: “The first Misery Index was constructed by an economist, Art Okun, in the 1960s as a way to provide President Lyndon Johnson of US with an easily digestible snapshot of the economy. That original Misery Index was just a simple sum of a nation’s annual inflation rate and its unemployment rate.
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