Economy & Finance, Government Policies & Politics

World’s Most Miserable Economies: Venezuela Tops Again

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The global slump in crude prices has been especially destructive in Venezuela, where oil makes up 95 per cent of exports. Falling is further weighing on budget strains, as Venezuela owes as much as $US10 billion in foreign bond payments this year.

President Nicolas Maduro, who has declared an “economic emergency,” told lawmakers last month that it was time to raise petrol prices and that he’d look at adjusting fixed currency rates. Prices at the pump in Venezuela are the cheapest in the world, even as costs for everyday items and luxuries are surging – a dinner for two at a nice restaurant might demand more than a month’s worth of minimum wage.

Thanks to off-the-charts , Venezuela will probably retain the dubious honour of being the most miserable on the planet for a second year.

Galloping  at an annual average of 98.3 per cent last year, alongside 6.8 per cent , earned the South American country the runaway top spot on the 2015 misery index. With no end in sight for Venezuela’s economic woes – estimates in Bloomberg surveys predict consumer price growth of 152 per cent and joblessness averaging 7.7 per cent – economists polled for the 2016 index see it remaining the unhappiest country.

The ranking of 63 economies is compiled by adding a country’s jobless rate and inflation, a long-standing calculation in which a higher score indicates more misery. Venezuela’s 59.7 tally for the 2016 misery index done by Bloomberg quadruples the next-worst ranking Argentina.

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