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 photoIllustrative 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. 

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