Spectator on facebook

Spectator on facebook

Bloomberg lists Slovakia as among 15 most miserable countries

THE MISERY Index for 2015 sees Venezuela, Argentina, South Africa, Ukraine and Greece as the five most painful economies in which to live and work, based on Bloomberg data calculated via the equation: unemployment rate + change in the consumer price index = misery.

Illustrative stock photo(Source: SME)

Slovakia ranked 14. Among eurozone members, Spain, Portugal and Italy all ranked among the 15 as well. The war conflict has taken its toll not just on Ukraine but also on Russia which placed seventh. The chart comprises 51 countries, including all those in the eurozone.

Bloomberg quotes Milton Friedman, the late Nobel Prize winning economist, as saying that inflation is a disease that can wreck a society; add rising unemployment to the diagnosis, and his profession ascribes a rather non-technical term to the debilitating effect on people: misery.

The Denník N daily quotes economists of the governmental Institute for Financial Policy (IFP) as saying that behind Slovakia’s poor performance is the questionable methodology of Bloomberg to calculate the index. Moreover, none of the world's poorest countries are included in the chart. 

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Top stories

Tom Odell surprised Slovak band in Bratislava Video

The British artist was wearing a T-shirt, presented to him by the Tolstoys, from start to finish at his Bratislava concert.

Tom Odell

El País: Female professor openly fights high gender pay gap in Slovakia

The major Spanish daily portrays Slovakia as one of the EU countries with the highest level of gender inequality through the story of Svetlana Fialová.

5 most significant results of the municipal elections Photo

A slightly higher turnout and more independent candidates. Some results in the municipal elections came as a surprise.