On a list of 63 countries ranked for their economic misery, Cyprus is in 13th position, and this is likely to remain unchanged in 2016, according to a Bloomberg index.
Bloomberg, a global provider of financial news and information, compiled the index by adding a country’s jobless rate and inflation. Figures for 2015 inflation and unemployment data reflect the average over the year and use the most current data available for each country.
The report also supplies the actual score for 2015 and the estimated score for 2016, and the higher the score, the higher the misery.
Venezuela tops the list with a rating of 105.1 in 2015, comprised of a 98.3 per cent inflation rate plus 6.8 per cent unemployment. This is going to get worse, according to Bloomberg. By the end of this year, they will not only still be in first place, but the score will rise to 159.7.
The second and third miserable economies are located in Argentina and South Africa; and Greece is in fourth place.
Cyprus has been ranked at number 13 for both 2015 and 2016. What will change, according to the projected figures, is the score. While it is 13.5 for 2015, it is predicted to worsen and reach 15.7 in 2016. The report doesn’t specify whether this is due to a rise in inflation and / or unemployment.
Thailand has the happiest economy with a score of 2.2, but this is “partly due to unique structural issues that allow more people to count as employed”, the report states. In second and third place for economic happiness are Singapore and Switzerland. These ranks will not change in 2016.