Nobel Price economist Milton Friedman said that inflation is a disease that can wreck a country. Inflation plus rising unemployment rate is equal to miserable economy.
Bloomberg has done a survey, in order to find out the most hurtful economy of the year. In order to find the so-called misery index for 2015, it has used the following simple equation: "unemployment rate + change in the consumer price index = misery".
According to the data 2015 will be the most painful for the economy of Venezuela, Argentina, South Africa, Ukraine and Greece. The Survey is done among 51 economies including the euro area. The scale of misery index for 2015 has the following range for the first 15 countries put in a declining order: Venezuela, Argentina, South Africa, Ukraine, Greece, Spain, Russian, Croatia, Turkey, Portugal, Italy, Colombia, Brazil, Slovakia and Indonesia. The scale is between 0 to 100, where 100 is the most miserable economy and the 0 is the less one. According to the survey data Venezuela records the most harmful economy for 2015 - its index is around 85.
Among the observed 51 countries on the first three places are South Africa, Argentina and Venezuela. It means that in these countries the unemployment rate rise and consumer price indexes exceeded the average.
The estimated CPI (Consumer Price Index) inflation rate has recorded 78.5 percent in Venezuela, which is the most miserable among all.
In terms of employment Ukraine is the most miserable country. The reasons for Ukraine are the unstable political situation in the country and the tense relations with Russia. This leads to prolongation of joblessness and inflation, which both together cause economic damage. The survey shows that unemployment rate probability will climb to 9.5 percent from 8.9 percent in Ukraine. Inflation rate to rise at 17.5 percent in 2015.
In terms of income level Greece is 5th, Spain is 6th, Portugal is 10th and Italy is 11th in this ranking. Each of these countries show average projected income levels.
In terms of GDP Ireland is the last one among 51 countries, recording $31,079 per capita of GDP, which is $48,787 per capita in average for observed 51 countries, Bloomberg reports.
It is notable that among 15 miserable economies 6 countries are from the European Union.