NEWS

South Africa Is The Second Most Miserable Country On Earth

South Africa is numbered amongst Venezuela, Argentina and Greece, the leading countries on the Bloomberg Misery Index.

07/03/2017 12:03 SAST | Updated 07/03/2017 12:17 SAST
Wayne Conradie / Reuters
Rubbish burns after students protested outside the parliament during South African Finance Minister Pravin Gordhan's medium term budget speech in Cape Town, South Africa October 26, 2016.

South Africa is the second-most miserable country on earth. This is according to Bloomberg's Misery Index, which is calculated by adding up a country's projected rate of inflation and unemployment.

The country's score improved slightly from 33.1 in 2016 to 32.2 in 2017, but it still retained its second spot. However, top score by a huge margin went to Venezuela (499.7), due the South American country's collapsing economy which is expected to bring rampant unemployment and runaway inflation.

Bloomberg Surveys

Bloomberg reported that sluggish oil prices, the country's only significant export, have fueled a crisis that has left grocery store shelves empty, hospitals without basic medication and violent crime rampant as desperation leads to anger.

"While the country has not reported economic data since 2015, Bloomberg's Cafe Con Leche Index, which aims to track inflation via the cost of a cup of coffee, shows a price surge of 1,419 percent since mid-August," Bloomberg said.

Poland, Romania, Estonia, Latvia and Slovakia all experienced big negative slides thanks to worsening economic conditions, while Norway, Peru and China made significant strides in the positive direction.