Business Insider: Greece Is the Third Most Miserable Place in the World



Greece miseryBusiness Insider classified Greece among the most miserable countries in the world, based on the unemployment rate and the high prices of products.

Business Insider cites a Bloomberg survey that counts misery in each country with the “misery index.” It is measured by adding the unemployment rate to the inflation rate.

The index was created by economist Arthur Okoun and in previous decades was a very popular term in the USA. Despite the criticism the “misery index” has received, scientific research has shown that unemployment and inflation affects the psychology of citizens.

Venezuela tops the list of the most miserable places with 59.50% (CPI inflation at 52.7%, unemployment at 7.1%) and South Africa comes second with 31.80% (CPI inflation at 6.3%, unemployment at 25.5%).

Greece ranks third with 27.10% (CPI inflation at 0.7%, unemployment at 27.8%). The survey highlights the problem of the increased unemployment when referring to the country’s situation after the six-year recession and dealing with the debt crisis.

According to Business Insider, the Greek public sector makes up 40% of the GDP and tourism accounts for 18%. Almost 20% of workers are immigrants and take the agricultural and unskilled jobs. It is also noted that Greece is the first developed country that is now considered an “emerging market.”

The list with the 21 most miserable countries:

  1. Venezuela
  2. South Africa
  3. Greece
  4. Spain
  5. Egypt
  6. Turkey
  7. Croatia
  8. Uruguay
  9. Ukraine
  10. Colombia
  11. Portugal
  12. Slovenia
  13. Italy
  14. Slovakia
  15. Russia
  16. Philippines
  17. Ireland
  18. Poland
  19. Brazil
  20. Chile
  21. Finland

6 COMMENTS

  1. Greece third most miserable place to live, but according to other reports one of the best to vacation in all the world. Something doesn’t make sense. Either somebody is being paid to produce these analyses with a pre-determined outcome or the news agencies are playing politics…..again.

  2. Is it any wonder we are 3rd with ND & PASOK’s horrific governing of Greece to near poverty?

  3. If and when our corrupt Greek politicians are exterminated, Greece will be the best in Europe and maybe in the world…This crisis is caused by our corrupt politicians and not Europe nor Germany or the IMF…It is caused by past and present politicians looting the country’s wealth sending poor people to their deaths while they are living the “Full Monty’s” life…They should be shot dead for what they caused to this lovely country…

  4. if Greeks are in such a deplorable state of misery, it would be clearly obvious to even the most naïve vacationer by their actions words and demeanor. Living in misery but projecting an entirely different attitude when interacting with tourists is not human nature and therefore unrealistic.

  5. Iraq, Syria and a host of other more deserving countries including nearly all of Africa for this title appear to be missing. This begs the questions; WHAT WERE THE PARAMETERS USED FOR QUANTIFYING AND QUALIFYING MISERY IN DEVELOPED CONTRIES AND WHY WERE UNDEVELOPED DIRT EATING COUNTRIES EXCLUDED?

  6. Such a ratio is not a true indicator of Misery as the welfare state programs mitigate the effect.

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