In the economic sphere, the misery it tends to arise from high inflation, high borrowing costs and unemployment.
He Hanke Annual Misery Index (HAMI, for its acronym in English) is in charge of carrying out this measurement, since comparing the economic metrics of different countries can offer a vision of where they are in the global panorama.
The HAMI is a measure developed by Steve H Hanke, economist and professor at Johns Hopkins University.
This measure is increased by unemployment, inflation, bank lending rates, and real GDP per capita growth to determine a country’s level of misery.
(Keep reading: Inflation is down, but these foods are still very expensive: take note for your market).
#TurkeyWatch: Thanks to a decade of excessive growth in the money supply, #Turkey it ranks tenth in this week’s Hanke Inflation Summary. On July 6, I measured TKY inflation at 57% per year. TKY savings = adoption of a currency board. pic.twitter.com/ETlqvwiuH1
—Steve Hanke (@steve_hanke) July 14, 2023
The origin of this measurement dates back to arturo okun, a leading economist who was Chairman of the Council of Economic Advisers during the administration of President Johnson in the United States. Okun originally for this country, which is equal to the sum of inflation and unemployment rates.
In the most recent version of Hanke’s Annual Misery Index, a recommendation by economist Andrew Oswald changed. This argument that unemployment should have a greater weightTherefore, it is convenient to double the unemployment rate in the calculation of the year 2022.
(Also read: These are the reasons that prevent inflation in Colombia from falling faster).
In this ranking, the first places were occupied by the nations with the greatest difficulties, while the least affected are in the last positions.
The latest study published in ‘The National Review’ by Hanke, which includes data from 157 countries in 2022, presented a grim picture for the top of the list: Zimbabwe, Venezuela, Syria, Lebanon, Sudan, Argentina, Yemen, Ukraine, Cuba, Turkey, Sri Lanka, Haiti, Angola, Tonga and Ghana.
Thanks to staggering inflation, high unemployment, high lending rates and anemic real GDP growth, Zimbabwe registers as THE MOST MISERABLE COUNTRY IN THE WORLD in the 2022 Hanke Annual Misery Index. Need I say more? pic.twitter.com/0uhfnWQUyW
—Steve Hanke (@steve_hanke) May 21, 2023
In the 2022 Hanke Index, which has taken into account the doubling unemployment rate for the first time, Colombia is positioned in position 45, with an index of 44.5. This result is mainly due to the impact of unemployment affecting the country.
On the other hand, Switzerland, Kuwait and Ireland are examples of countries with low levels of misery due to their good economic performance and effective policies.
SOFIA SALAMANCA GOMEZ
DIGITAL SCOPE WRITING
TIME
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