The world's most 'miserable' economies

Rosie Vare
·1-min read
What Are The World's Most 'Miserable Economies'?
What Are The World's Most 'Miserable Economies'?

Last year was a troubling one for the global economy. Political turmoil, falling oil prices and decreasing demand for commodities affected ostensibly every country in the world.

Some countries struggled so much that Bloomberg dubbed them 'the world's most miserable economies' in its annual 'Misery Index'.

The label is based on the two factors that affect daily life the most: inflation and unemployment.

According to Bloomberg's report, South Africa is among the worst, which may come as a surprise as its economy is Africa's most industrial and second largest.

In 2015, however, demand plummeted for its two largest exports, gold and platinum. By early this year a quarter of South Africans were unemployed and the currency had hit an all-time low.

Slightly more miserable than South Africa is Argentina - taking second place in the index. The South American country suffers from one of the highest rates of inflation in the world and the country effectively declared bankruptcy in 2001.

Since then consumer prices have risen from anywhere between 10% and 40% each year.

But, beyond Argentina, and leading the index by a large margin, is fellow South American country, Venezuela.

The country saw inflation reach an estimated 150% in 2015. The country's export economy is 95% dependent on petroleum and with oil prices dropping around the world it has decimated the country's economy.

As of early this year the country owed more than $10bn in debt payments.

There's no question that all three countries will face major economic challenges in the coming years.