Nigeria Is The 6th Most Miserable Country In The World – Forbes

According to an economist from John Hopkins University in Baltimore, Nigeria ranks as the sixth most miserable country in the world. The economist, Steve Hanke revealed this in a ranking titled Hanke’s Annual Misery Index 2018: The World’s Saddest (And Happiest) Countries.  Sharing this on Forbes Magazine, the economist asserted that Misery Index is calculated using economic indices such as unemployment, inflation, and the rates banks charge on loans. He wrote: “In the sphere of economics, misery tends to flow from high inflation, steep borrowing costs and unemployment,” Hanke warns. The Index notes that the high rate of unemployment in Nigeria contributes largely to its unflattering rating on the Misery Index. In an in-depth analysis conducted by Hanke, it was shared that: “The original Misery Index was just a simple sum of a nation’s annual inflation rate and its unemployment rate. The Index has been modified several times, first by Robert Barro of Harvard and then by myself. “My modified Misery Index is the sum of the unemployment, inflation and bank lending rates, minus the percentage change in real GDP per capita.  “Higher readings on the first three elements are ‘bad’ and make people more miserable. These are offset by a ‘good’ (GDP per capita growth), which is subtracted from the sum of the ‘bads.’ “A higher Misery Index score reflects a higher level of ‘misery,’ and it’s a simple enough metric that a busy president, without time for extensive economic briefings, can understand at a glance.”  See the full ranking below…Photo Credit: Getty

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