Venezuela, Argentina and South Africa top the list of the “world’s most miserable economies,” according to a new Bloomberg report.
The list ranks 63 world economies factoring in each country’s unemployment and inflation rates.Top ranking Venezuela, four times as miserable as its closest competitor on the list, has a staggering inflation rate of 98.3% and 6.8% unemployment, according to Bloomberg. A large portion of the country’s trouble’s are due to plummeting global oil prices. Crude oil makes up 95% of the country’s exports and the oil and gas sector is 25% of its Gross Domestic Product, according to an OPEC report.
Argentina and South Africa, which complete the list’s top three, have suffered from deep debt and rising unemployment respectively.
Greece and Ukraine round out the top five most miserable economies, according to the report.
- Alison Roman Won't Sugarcoat It
- If Donald Trump Is Indicted, Here's What Would Happen Next in the Process
- The World's Greatest Places of 2023
- Exclusive: Effective Altruist Leaders Were Repeatedly Warned About Sam Bankman-Fried Years Before FTX Collapsed
- Who Should Be on the 2023 TIME100? Vote Now
- Postmaster General Louis DeJoy's Surprising Second Act
- Gaslighting, Narcissist, and More Psychology Terms You're Misusing
- In This Texas County, There's No Such Thing as Moving on From COVID-19
- In Defense of Nora Ephron's Unfairly Panned Heartburn Movie
- Want Today's Top Headlines in Your Inbox? Sign Up for The Brief
