At the center of every nation is its economy. Typically countries with strong economies enjoy higher standards of living, stronger wages, and make for a nicer place to live, in general. Obviously countries with weak economies struggle in many areas and are not the nicest places to live. Every year Bloomberg takes a look at the most miserable economies in the world and ranks them based on their findings. To do this they use a simple calculation: unemployment rate + change in the consumer price index = a miserable economy. This year the results were interesting, and the came up with a list of nations where it is extremely difficult to live, afford things, and to find jobs. Here are the top ten most miserable economies for 2015.
10. Portugal
First up on our list is Portugal. While most of the economic crisis in Europe focused on Spain and Greece, Portugal was also affected with economic disparity. While things have been improving over the years and Portugal saw its first economic growth since 2010 last year, there is still room for improvement. The unemployment rate sits at around 13.3% which is fairly high for the relatively small country.
9. Turkey
Turkey is another economy that we find on our list. The unemployment rate sits at around 9.1% currently and there are limited jobs and industries inside Turkey. Additionally the country is experiencing high interest rates that are mostly caused by the countries central bank.
8. Croatia
At around 16%, Croatia has a fairly high unemployment rate that contributes to its economic disparity. Despite seeing economic growth for the first time in three years, the Croatian GDP is still fairly low while the CPI is still somewhat high, and it seems to be rising causing consumer goods to be more expensive.
7. Russia
Over the past few months the Russian unemployment rate has gone up considerably. From just January to February it jumped up almost 6%. Additionally the conflict in Ukraine is also contributing to Russia’s economic woes, and the sanctions that other governments have put on the nation are not helping either. Banking in Russia has also struggled quite recently, again due to economic sanctions put on the country due to the war in Ukraine. All of this makes for a struggling economy, however expects think Russia will pull through due to its large amounts of natural resources, primarily oil and gas.
6. Spain
Ever since the financial crisis a few years back, the Spanish economy has been struggling and continues to struggle with the fallout. The unemployment rate in Spain is somewhere around 23.7% and it is even higher for young adults who just cannot find work. The countries GDP per capita has also fallen quite significantly over the last four years.
5. Greece
Greece is the biggest talking point in terms of economics in the European Union right now, and their economy is extremely weak. The nation has received a few bailouts, however they have not seemed to help. Greece has asked for another stimulus package from Germany, but they refused due to the mismanagement of the last ones. The unemployment rate is extremely high at 27.1% and the country is certainly going through a difficult time.
4. Ukraine
Ukraine is also on our list due to many factors, primarily the ongoing crisis in the Crimea region and elsewhere in the country caused by pro-Russian rebels, and let’s be honest, Russia. Debts are high, large parts of the countries infrastructure are in ruins, inflation rates are high, the unemployment rate is growing, and in general it is just a rough time for the country as a whole.
3. South Africa
The unemployment rate in South Africa is very high at around 24%, their GDP has fallen over the past few months, and the consumer price index has risen significantly compared to this time last year. All of those factors make for a cocktail of economic problems, and South Africa is having a difficult time for sure.
2. Argentina
Compared to last year, the economy as a whole in Argentina has largely gone unchanged and it still remains to be one of the more miserable economies to live in. Stifled with relatively high levels of corruption and difficulties, the economy in Argentina is certainly struggling. While the unemployment rate has gone down and the GDP per capita has gone up, inflation rates continue to rise.
1. Venezuela
According to that Bloomberg study, Venezuela comes out to be the most miserable economy in 2015 by a long shot. Not much has changed since last year for Venezuela and their inflation rates have increased almost four times compared to that of Ukraine’s. Basic commodities are increasingly difficult to secure, the unemployment rate sits close to 8%, and a whole slew of economic problems make Venezuela one of the most difficult economies to live and work in.
Photo by Peter Macdiarmid/Getty Images
