Hyperinflation is the most prominent factor that makes Venezuela the most miserable country in the world, according to the latest finding from famed economist Steve Hanke.
In the latest update of his Misery Index, Hanke, economist at Johns Hopkins University, ranked 98 countries in terms of happiness in relation to their economic conditions.
“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 are low, and jobs are plentiful,” he said in his latest report.
Hanke’s modified Misery Index compares unemployment, inflation, and bank lending rates against percentage changes in real GDP per capita.
In his latest rankings, Hanke noted that Venezuela holds the top spot.
“The failures of President Nicolas Maduro's socialist, corrupt petroleum state have been well documented over the past year, including by my measurements of Venezuela’s hyperinflation. Not only is Venezuela the most miserable country in the world, but its Misery Index score has dramatically increased since 2016,” he said in his report.
The “happiest” country in the world, according to the index, is China.
Turning to the U.S., the country ranks 30th in the index.