Dear South Africans, I detest being a bringer of ugly news. But, it’s your right to know what’s up with your country.
I’d be breaching that right if I fail to report that our Mzansi has been ranked the third most miserable place on earth.
This is according Bloomberg’s Misery Index which combined and scrutinized inflation and unemployment rate in 74 countries.
The Index evaluated the nation’s ability to provide jobs for citizens and as well, manage the increase in price of commodities.
Adding inflation to the unemployment rate, the Misery Index scored South Africa 32.90 percent. That, earned our rainbow nation the position of third most miserable country among the 74 economies surveyed by Bloomberg.
South Africa’s latest unemployment rate is at 26.6%. The drought experience powered inflation and increased prices. As of June, the nation’s inflation rate was at 6.3%.
South Africans however, enjoy a better misery than the citizens of Bosnia and Venezuela.
The former is slightly more miserable than SA. As the second most miserable nation, its inflation and unemployment issues catapulted it to 48.97% misery status.
And, with an index of 188.2 percent,Venezuela is the world’s most miserable place.
Bloomberg blamed the large-scale plunging in oil revenues for Venezuela’s woes. The nosedive in the revenues it said, led to chronic shortage of food and medicine boosting inflation to 181 percent.
Meanwhile, the index asserted that Singapore and Japan are the land of smiles and the happiest place in the world.
Both nations are close runner ups respectively living with just 1.40 and 2.70 percent of misery.
Also, the U.K emerged the 17th least miserable country. While the U.S. takes the 21st position, China follows closely the in 23rd spot.