Photo: Andres Martinez Casares / AP
Venezuela is the fifth time in a row became the most miserable economy in the world due to the protracted crisis that unfolded in the country in recent years. It should be released, Bloomberg’s annual “index of misery” (Misery Index). Top 5 most depressed economy also includes Argentina, South Africa, Turkey, Greece. Ukraine took the 6th place, Russia-17th.
Venezuela holds leadership in the ranking due to the combination of high inflation, which by the end of 2019 is expected to reach eight million per cent, and high unemployment. The government of Venezuela does not publish official economic data in 2016, therefore, all marks are independent analysts.
The happiest economy in the world (with low inflation and low unemployment), the Agency called Thailand. In second place was placed Bloomberg Switzerland ranked third in Singapore. United States took 13-th place, UK — 16th.
Venezuela in recent years is experiencing a severe economic crisis, accompanied by hyperinflation and devaluation of the Bolivar. So, with the coming to power of President Nicolas Maduro in 2013, the economy contracted more than twice. Inflation last year reached 1.3 million percent. Because of this the population began to move to the use of dollars in everyday expenses.
Video, photo All from Russia.