Steve Hanke, an economist from John Hopkins University in Baltimore in the United States on Sunday ranked Nigeria as the sixth most miserable country in the world.
The ranking is titled, Hanke’s Annual Misery Index 2018: The World’s Saddest (And Happiest) Countries.
Writing in the Forbes magazine of March 28, the economist noted the Misery Index is calculated using economic indices such as unemployment, inflation and the rates banks charge on loans.
In the sphere of economics, misery tends to flow from high inflation, steep borrowing costs and unemployment,” Hanke warns.
Reports gathered the Index notes has it the high rate of unemployment in Nigeria contributes largely to its unflattering rating on the Misery Index.
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.
Thailand and Hungary rank as the least miserable countries in the world on the 2018 Misery Index, 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.