Improvement by 35 positions appeared this year the ranking of Greece in “Indicator of misery” issued each year by Johns Hopkins University professor of economics, Steve Hanke.
In economics, the high inflationthe high borrowing costs and the unemployment bring misery while the “antidote” is economic growth, notes Hanke. The Misery Index was created in the 1960s by economist Arthur Okun to give then-President Lyndon Johnson an easy-to-understand picture of the economy.
That initial index was calculated on the basis of inflation and unemployment, and over time, the Misery Index was modified several times, first by Harvard professor Robert Barro and then by Hanke.
O Hanke’s Annual Misery Index It is calculated from unemployment, inflation and bank lending rates, less the annual percentage change in real GDP per capita.
Based on this method, the The least miserable country in the world is – unexpectedly – Libya. As Hanke explains, civil war in Libya It was warm in 2020 but was “simmering” in 2021. This allowed Libya to increase its oil revenues by 3.7 times last year. And because of this, real GDP growth per capita jumped to 62.6%, bringing Libya to last place among the most miserable countries in the world (the lower the list, the better).
This is followed by Maltawhich showed a significant improvement over last year and shows negative lending rates, strong growth and lower inflation in Europe.
The trio of least miserable countries is completed by Ireland.
At the other end is the Cubamainly due to inflation reaching 1,221.8%, as the peso depreciated by 95% in 2021. Venezuelathe Sudan and Lebanon.
THE Hellas found this year at 88th place on the listsignificantly improving its position compared to last year, when it was in 53rd place.
moneyreview
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