It’s hard to get by when you don’t have a job and the cost of living keeps rising.
This is the maxim behind economist Arthur Okun’s “Misery Index,” which adds together a country’s unemployment and inflation rates. The higher the number, the more “miserable” your country.
There has been criticism of the index. Extensive studies have shown that unemployment influences happiness (or, rather, unhappiness) significantly more than inflation.
Still, few would argue that both unemployment and inflation are bad when they are very high.
In light of that, Business Insider compiled a list of the 18 most miserable countries based on 2014 data available at the CIA World Factbook. Some countries struggle with both high unemployment and inflation, while others have one rate asymmetrically higher than the other.
Some countries are absent from the list because data was either unavailable or outdated.
18. Tunisia
Misery-index score: 20.1
CPI inflation: 4.9%
Unemployment: 15.2%
Tunisia was once called a “success story in Africa and the Middle East, but [today] it faces an array of challenges following the 2011 revolution,” according to the CIA Factbook. The government’s biggest challenges include reassuring businesses and investors and bringing budget and current-account deficits under control.
Source: CIA Factbook
17. Jamaica
Misery-index score: 20.7%
CPI inflation: 7.1%
Unemployment: 13.6%
Jamaica’s economy relies heavily on the services sector, including tourism. Unfortunately, the country suffers from high crime and corruption and a high unemployment — which leads to more crime.
The government is battling a two-headed hydra: On the one hand, it needs to achieve fiscal discipline to maintain debt payments, but on the other hand it wants to confront the serious crime problem.
Source: CIA Factbook
16. Croatia
Misery-index score: 20.8%
CPI inflation: -0.2%
Unemployment: 21%
Croatia is one of the better-off former Yugoslav republics, but the country was hammered by sudden slowdown in 2008 with the financial crisis and never fully recovered. Major long-term problems include uneven regional development, a challenging investment climate, and a “stubbornly” high unemployment rate.
Source: CIA Factbook
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