Culture

South Africa Is The Second Most Miserable Country, Apparently

Is South Africa the second most miserable country in the world?

Published

10 years ago

September 9, 2014

South Africa tops the list of a number of positive lists – but taking one of the highest spots on the “misery list” just doesn’t seem right, does it?

According to Business Insider, South Africa lands in second place on the Misery Index, which adds together a country’s unemployment and inflation rates. The higher the number, the more “miserable” your country is. South Africa’s Misery Rate is 31.80% (6.3% CPI Inflation, 25.5% unemployment).

South Africa’s entry into the list explains that the country “has the 16th largest stock exchange, and many ‘well-developed’ industries including finance, legal, energy, and transport. Unstable electricity supplies slows growth, however. ‘Significant’ budget deficits hamper the country’s ability to handle urgent economic problems.

The entry also noted that “another major problem in South Africa is the prevalence of HIV/AIDS”, with an estimated 6.3 million people living with HIV in 2013.

The country which took the top spot was Venezuela, which features a 59.80% Misery Rate (52.7% CPI Inflation, 7.1% unemployment)

The list was created by economist Arthur Okun, although there have been some criticisms of the misery index. Extensive studies have shown that unemployment influences happiness (or rather, unhappiness) significantly more than inflation.