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Nigeria ranked 6th most miserable country in the world

Amadin Ogbewe

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Nigeria has been ranked the 6th most miserable country in the world by Steve Hanke, an economist from John Hopkins University in Baltimore, United States.

The ranking was titled, Hanke’s Annual Misery Index 2018: The World’s Saddest (And Happiest) Countries.

According to an article he wrote in Forbes magazine March 28 edition, Steve Hanke notes that factors such as unemployment, inflation and interest charged on bank loans are used to calculate misery index.

“In the sphere of economics, misery tends to flow from high inflation, steep borrowing costs and unemployment,” Hanke warns.

Hanke, in his explanatory note wrote:

“The original Misery Index was just a simple sum of a nation’s annual inflation rate and its unemployment rate.“A higher Misery Index score reflects a higher level of ‘misery,’ and it’s a simple enough metric that a busy president, without time for extensive economic briefings, can understand at a glance.”

Countries ranking as least miserable in the world on the 2018 Misery Index are Thailand and Hungary, having ranked 95th and 94th respectively of the 95 countries ranked by Hanke.

Venezuela, Argentina, Iran, Brazil and Turkey lead in that order, while Nigeria is sixth.

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