SHARE

South Africa Ranked As One Of the Most Miserable Countries In The World

Must Read

Female Slave Traders: Meet Niara Bely, the African Queen Who Doubled as a Slave Trader in the 1800s

Niara Bely Also known as Elizabeth Bailey Gomez, was a African queen who also doubled as a slave trader in nineteenth-century Guinea.

Top 10 Youngest Presidents In Africa (Updated: 2021)

In recent years there has been a subtle surge of politicians in their 30s and 40s winning leadership roles...

African Culture: The Wodaabe Tribe Wife Stealing Festival

The Wodaabe tribe is a small subgroup of the Fulani ethnic group. They are traditionally nomadic cattle-herders and traders...
SHARE



High levels of unemployment have once again hit South Africa on the Bloomberg Misery Index, with the country now ranking as the second most economically miserable nation in the world.

South Africa Ranked As One Of the Most Miserable Countries In The World

The misery index, compiled by Bloomberg, is based on four key data points: Unemployment levels, interest rates, consumer prices and economic growth.

According to Bloomberg, The Index relies on the age-old concept that low inflation and unemployment generally illustrate how good an economy’s residents should feel.

Like other countries in the top 10, South Africa performed poorly across all indicators – but its unemployment rate is what hits the hardest. It now ranks second on the index below venezuela, after ranking fourth in 2017.

The index was released in the same month that South Africa received three bits of good news – a better than expected budget, a one percentage point drop in unemployment, and a slow down in inflation to 4.4% spurring hopes of rate cuts.

While these are all positive turns for the economy, the index is based on data preceding these announcements.

Notably, even though there is some short-term positivity around these moves, it does not remove the long-term impact of these indicators. South Africa’s unemployment rate, even at a marginally better 26.7%, is still one of the highest in the world.

Further, a VAT hike to 15% announced this week, to take effect in April, will also likely put pressure on consumer prices (another key indicator) while the country fights to push higher rates of economic growth.

South Africa Ranked As One Of the Most Miserable Countries In The World

On the lower end of the index – the least miserable places in the world – Thailand ranks as the happiest country once again, followed by Singapore and Japan.

Related:   Abuna Yemata Guh: The Most Inaccessible Place of Worship on Earth is Located in Ethiopia
Related:   African Culture: The Wodaabe Tribe Wife Stealing Festival

Culled from: Businesstech.co.za



Uzonna Anele
Anele is a web developer and a Pan-Africanist who believes bad leadership is the only thing keeping Africa from taking its rightful place in the modern world.

1 COMMENT

Leave a Reply

Subscribe to receive email updates

With a subscription profile, you automatically receive updates without having to return to the website and check for changes

Just In

Female Slave Traders: Meet Niara Bely, the African Queen Who Doubled as a Slave Trader in the 1800s

Niara Bely Also known as Elizabeth Bailey Gomez, was a African queen who also doubled as a slave trader in nineteenth-century Guinea.

More Articles Like This