Nigeria Misery Index was one of the highest in 2016. The country ranked 57th of the 60 countries ranked by Forbes magazine. The 60 countries which include developed and developing countries were those that reported decent data on a timely basis.
Below are the list of 20 countries with the highest misery index in the world as at 2016. Nigerians ranked 57th of the 60 countries better than only 3 South American countries of Brazil, Argentina and Venezuela. South African ranked a distant 5th worst with Egypt and ukrain following SA.
The Misery Index according to Wikipedia “is an economic indicator, created by economist Arthur Okun. The index helps determine how the average citizen is doing economically and it is calculated by adding the seasonally adjusted unemployment rate to the annual inflation rate. It is assumed that both a higher rate of unemployment and a worsening of inflation create economic and social costs for a country”.
The misery Index is an economic indicator that was first constructed by economist Arthur Okun in the 1960s as a way to provide President Lyndon Johnson of the US with an easily digestible snapshot of the economy. It has since been modified by several economist including Steve Ankey, a professor of applied economics at the John Hopkins University who uses the sum of the unemployment, inflation, and bank lending rates, minus the percentage change in real GDP per capita to calculate the misery index
According to the report published by Forbes “the human condition inhabits a vast continuum between “miserable” and “happy.” In the sphere of economics, misery tends to flow from high inflation, steep borrowing costs and unemployment. The most surefire way to mitigate that misery: economic growth. All else equal, happiness tends to blossom when growth is strong, inflation and interest rates low, and jobs plentiful”.
A country with a high misery index have the most miserable people living in the country and are more miserable than people in a country with lower misery Index. The countries with low misery index have the happiest people.
Here are the countries with the best misery index in 2016. Japan has the happiest people in the world in 2016 with a misery need of 0.4 while China, Thailand and South Korea all Asian countries has distance 4.5, 4.9 and 5.5 respectively.