S.Africa is the 8th most miserable country - CNBC Africa

S.Africa is the 8th most miserable country

Southern Africa

by Trust Matsilele 0

The big contributor to South Africa’s misery is unemployment. PHOTO: Getty Images

South Africa is ranked as the eighth most miserable country in the world according to a survey conducted of 90 countries with Egypt at number six.

“The method was employed to advise the United States former President, Ronald Regan as [he] wanted some idea in an understandable clear objective way of misery as that has a direct impact on the president’s popularity,” Steve Hanke, economics professor at John Hopkins told CNBC Africa.

“The big contributor to South Africa’s misery is unemployment, [which] carries a lot more weight in people’s minds. If you don’t have a job you become miserable, and if a family member does not have a job the whole family becomes miserable,” he added.


Hanke also added that infighting was contributing to the country's failure to implement some of the progressive laws that would change the misery index.

“The labour market has to be deregulated and the National Development Plan has elements that would be helpful but the question is, if these elements will be implemented [but] due to infighting these elements will not be implemented.”

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The US think tank, Cato Institute assigned 90 different countries with a misery index, based on unemployment figures, lending and inflation rates, minus the percentage change in the country's Gross Domestic Product (GDP) per capita.

The original Misery Index was inspired by the late Professor Arthur Okun, an economist who served under United States former President Lyndon Johnson.

Venezuela is the world's most miserable nation, according to a study by the institute.

Some of the countries in the top ten misery index are Iran, Spain, Brazil, Greece, Jamaica, Argentina and Serbia.