Which Economies Are the Most and Least Miserable?
Key Takeaways
- Venezuela has the highest Misery Index score among 178 economies, at 556.5, more than twice Sudan’s score of 225.4.
- Taiwan, Singapore, and Thailand have the lowest scores in the 2025 ranking.
- Bank lending rates are the largest contributing factor for 105 economies, compared with 54 for unemployment and 19 for inflation.
What makes an economy miserable? Under the Misery Index, the answer comes down to economic pressures such as inflation, unemployment, and borrowing costs. The biggest challenges vary considerably from country to country.
This visualization ranks 178 economies using the 2025 Hanke Annual Misery Index, which combines inflation, unemployment, bank lending rates, and real GDP per capita growth into a single score.
Ranking All 178 Economies by Economic Misery
The visualization highlights selected economies at both ends of the ranking. The complete table below includes all 178 economies, allowing readers to find those not shown in the graphic.
Scores are ordered from highest to lowest, with rank 1 representing the greatest economic misery under the index.
| Rank (Most Miserable to Least) | Country | Misery Index |
|---|---|---|
| 1 | Venezuela | 556.5 |
| 2 | Sudan | 225.4 |
| 3 | Turkey | 101.0 |
| 4 | Iran | 95.9 |
| 5 | Argentina | 88.4 |
| 6 | Eswatini | 80.0 |
| 7 | South Africa | 79.0 |
| 8 | Malawi | 75.2 |
| 9 | Madagascar | 74.0 |
| 10 | Lebanon | 72.4 |
| 11 | Haiti | 72.4 |
| 12 | Angola | 72.3 |
| 13 | Yemen | 71.0 |
| 14 | Myanmar | 65.9 |
| 15 | Zimbabwe | 64.7 |
| 16 | Djibouti | 60.6 |
| 17 | Botswana | 60.1 |
| 18 | Bosnia and Hercegovina | 59.7 |
| 19 | Brazil | 59.6 |
| 20 | Gabon | 58.6 |
| 21 | Ukraine | 55.6 |
| 22 | Palestinian Territories | 52.5 |
| 23 | Namibia | 50.8 |
| 24 | Congo (brazzaville) | 49.8 |
| 25 | Lesotho | 48.5 |
| 26 | Egypt | 46.5 |
| 27 | São Tomé and Príncipe | 45.8 |
| 28 | Bolivia | 44.0 |
| 29 | Tunisia | 43.9 |
| 30 | Suriname | 43.6 |
| 31 | Iraq | 42.0 |
| 32 | Jordan | 41.3 |
| 33 | Syria | 41.2 |
| 34 | Georgia | 40.0 |
| 35 | St. Vincent and the Grenadines | 39.1 |
| 36 | Rwanda | 38.9 |
| 37 | Nigeria | 37.9 |
| 38 | Mauritania | 37.8 |
| 39 | Kazakhstan | 37.8 |
| 40 | Cuba | 37.4 |
| 41 | Mozambique | 37.3 |
| 42 | Congo (Democratic Republic) | 36.9 |
| 43 | Uzbekistan | 36.5 |
| 44 | Libya | 36.0 |
| 45 | Pakistan | 35.7 |
| 46 | Colombia | 35.6 |
| 47 | Tajikistan | 35.5 |
| 48 | The Gambia | 34.2 |
| 49 | Honduras | 34.0 |
| 50 | Ghana | 33.0 |
| 51 | Equatorial Guinea | 32.9 |
| 52 | Armenia | 32.8 |
| 53 | Zambia | 31.7 |
| 54 | Burundi | 31.0 |
| 55 | Mongolia | 30.6 |
| 56 | Nepal | 30.3 |
| 57 | Guinea | 30.2 |
| 58 | Azerbaijan | 30.0 |
| 59 | Russia | 29.3 |
| 60 | Romania | 29.2 |
| 61 | Central African Republic | 29.1 |
| 62 | Sierra Leone | 29.1 |
| 63 | Dominican Republic | 28.5 |
| 64 | Ethiopia | 28.5 |
| 65 | Kenya | 28.1 |
| 66 | Cabo Verde | 27.4 |
| 67 | North Macedonia | 27.4 |
| 68 | Montenegro | 27.1 |
| 69 | Kyrgyz Republic | 26.8 |
| 70 | Algeria | 26.8 |
| 71 | Uruguay | 26.5 |
| 72 | St. Lucia | 26.4 |
| 73 | Estonia | 25.6 |
| 74 | Paraguay | 25.4 |
| 75 | Turkmenistan | 25.1 |
| 76 | Spain | 25.0 |
| 77 | New Zealand | 24.2 |
| 78 | Chile | 24.0 |
| 79 | Serbia | 24.0 |
| 80 | Bangladesh | 23.5 |
| 81 | Peru | 23.3 |
| 82 | Iceland | 23.1 |
| 83 | Uganda | 23.1 |
| 84 | Jamaica | 23.1 |
| 85 | Sweden | 23.1 |
| 86 | India | 22.9 |
| 87 | Finland | 22.9 |
| 88 | Greece | 22.0 |
| 89 | Bahamas | 21.9 |
| 90 | Mauritius | 21.8 |
| 91 | Austria | 21.3 |
| 92 | Morocco | 21.0 |
| 93 | Belarus | 21.0 |
| 94 | Chad | 20.9 |
| 95 | Albania | 20.8 |
| 96 | Liberia | 20.6 |
| 97 | Guyana | 20.2 |
| 98 | Canada | 20.1 |
| 99 | Latvia | 20.1 |
| 100 | Vanuatu | 20.1 |
| 101 | Barbados | 20.1 |
| 102 | Moldova | 20.0 |
| 103 | United Kingdom | 19.6 |
| 104 | Australia | 19.3 |
| 105 | Hungary | 19.2 |
| 106 | Grenada | 19.1 |
| 107 | Tanzania | 19.1 |
| 108 | Panama | 18.6 |
| 109 | Saudi Arabia | 18.5 |
| 110 | Trinidad and Tobago | 18.4 |
| 111 | Norway | 18.2 |
| 112 | Lithuania | 18.2 |
| 113 | Mexico | 18.0 |
| 114 | Luxembourg | 17.8 |
| 115 | France | 17.8 |
| 116 | Brunei Darussalam | 17.3 |
| 117 | Portugal | 17.2 |
| 118 | Bhutan | 17.2 |
| 119 | United States of America | 17.0 |
| 120 | Cameroon | 17.0 |
| 121 | Comoros | 16.9 |
| 122 | Slovakia | 16.9 |
| 123 | Indonesia | 16.8 |
| 124 | Belgium | 16.8 |
| 125 | Poland | 16.7 |
| 126 | Guatemala | 16.6 |
| 127 | Italy | 16.5 |
| 128 | Maldives | 16.1 |
| 129 | Laos | 15.7 |
| 130 | Bulgaria | 15.7 |
| 131 | Philippines | 15.5 |
| 132 | Samoa | 15.4 |
| 133 | Papua New Guinea | 15.2 |
| 134 | Sri Lanka | 15.1 |
| 135 | Costa Rica | 15.0 |
| 136 | Oman | 15.0 |
| 137 | Cyprus | 15.0 |
| 138 | El Salvador | 14.8 |
| 139 | Aruba | 14.7 |
| 140 | Nicaragua | 14.5 |
| 141 | Ecuador | 14.4 |
| 142 | Slovenia | 13.0 |
| 143 | Solomon Islands | 12.7 |
| 144 | Israel | 12.5 |
| 145 | Netherlands | 12.3 |
| 146 | Belize | 12.3 |
| 147 | Germany | 12.2 |
| 148 | United Arab Emirates | 12.0 |
| 149 | Kuwait | 11.9 |
| 150 | Croatia | 11.9 |
| 151 | Seychelles | 11.8 |
| 152 | Fiji | 11.7 |
| 153 | Mali | 11.7 |
| 154 | Tonga | 11.3 |
| 155 | South Korea | 11.0 |
| 156 | Vietnam | 10.7 |
| 157 | Niger | 10.2 |
| 158 | Hong Kong | 10.0 |
| 159 | Denmark | 10.0 |
| 160 | Bahrain | 9.7 |
| 161 | Malta | 9.5 |
| 162 | Togo | 9.4 |
| 163 | Cambodia | 8.8 |
| 164 | China | 8.7 |
| 165 | Senegal | 8.7 |
| 166 | Czech Republic | 8.5 |
| 167 | Malaysia | 8.5 |
| 168 | Switzerland | 7.8 |
| 169 | Guinea-Bissau | 7.4 |
| 170 | Burkina Faso | 7.4 |
| 171 | Qatar | 7.2 |
| 172 | Japan | 7.2 |
| 173 | Macau | 6.7 |
| 174 | Côte D’ivoire | 6.3 |
| 175 | Ireland | 5.3 |
| 176 | Thailand | 3.1 |
| 177 | Singapore | 2.6 |
| 178 | Taiwan | 2.1 |
Venezuela tops the ranking with a score of 556.5, followed by Sudan at 225.4. Türkiye ranks third at 101.0, with Iran and Argentina completing the five highest-scoring economies.
Venezuela’s exceptionally high score is largely tied to inflation. Hanke reports that consumer prices rose 475.3% in 2025, alongside an unemployment rate of 35.1%.
Sudan’s economy has also been affected by civil war, which has disrupted economic activity and employment. Its Misery Index score is more than twice that of third-ranked Türkiye.
The United States ranks 119th with a score of 17.0, while Canada ranks 98th at 20.1. The United Kingdom and Australia place 103rd and 104th, respectively, with scores below 20.
Why Do Economies Score Poorly on the Misery Index?
Countries with high Misery Index scores aren’t necessarily struggling with the same economic problems. Inflation is the largest contributing factor in Venezuela, Sudan, Iran, and Argentina, while unemployment leads in South Africa and Eswatini.
Our map of global inflation rates in 2025 provides a closer look at how consumer prices changed around the world, including in several of the highest-scoring economies.
Türkiye presents a different case. Although it ranks third overall, bank lending rates are its largest contributing factor. The same is true for Brazil, which ranks 19th with a score of 59.6.
Across the full dataset, lending rates are the largest contributor for 105 of the 178 economies. Unemployment leads in 54 economies, while inflation leads in 19.
The second table lists every economy alongside the factor identified as contributing most to its Misery Index score.
| Country | Misery Index | Major Contributing Factor |
|---|---|---|
| Venezuela | 556.5 | Inflation |
| Sudan | 225.4 | Inflation |
| Turkey | 101.0 | Lending rate |
| Iran | 95.9 | Inflation |
| Argentina | 88.4 | Inflation |
| Eswatini | 80.0 | Unemployment |
| South Africa | 79.0 | Unemployment |
| Malawi | 75.2 | Inflation |
| Madagascar | 74.0 | Lending rate |
| Lebanon | 72.4 | Unemployment |
| Haiti | 72.4 | Inflation |
| Angola | 72.3 | Lending rate |
| Yemen | 71.0 | Lending rate |
| Myanmar | 65.9 | Inflation |
| Zimbabwe | 64.7 | Lending rate |
| Djibouti | 60.6 | Unemployment |
| Botswana | 60.1 | Unemployment |
| Bosnia and Hercegovina | 59.7 | Unemployment |
| Brazil | 59.6 | Lending rate |
| Gabon | 58.6 | Unemployment |
| Ukraine | 55.6 | Lending rate |
| Palestinian Territories | 52.5 | Inflation |
| Namibia | 50.8 | Unemployment |
| Congo (brazzaville) | 49.8 | Unemployment |
| Lesotho | 48.5 | Unemployment |
| Egypt | 46.5 | Unemployment |
| São Tomé and Príncipe | 45.8 | Lending rate |
| Bolivia | 44.0 | Inflation |
| Tunisia | 43.9 | Unemployment |
| Suriname | 43.6 | Lending rate |
| Iraq | 42.0 | Unemployment |
| Jordan | 41.3 | Unemployment |
| Syria | 41.2 | Unemployment |
| Georgia | 40.0 | Lending rate |
| St. Vincent and the Grenadines | 39.1 | Unemployment |
| Rwanda | 38.9 | Lending rate |
| Nigeria | 37.9 | Inflation |
| Mauritania | 37.8 | Lending rate |
| Kazakhstan | 37.8 | Lending rate |
| Cuba | 37.4 | Inflation |
| Mozambique | 37.3 | Lending rate |
| Congo (Democratic Republic) | 36.9 | Lending rate |
| Uzbekistan | 36.5 | Lending rate |
| Libya | 36.0 | Unemployment |
| Pakistan | 35.7 | Lending rate |
| Colombia | 35.6 | Lending rate |
| Tajikistan | 35.5 | Lending rate |
| The Gambia | 34.2 | Inflation |
| Honduras | 34.0 | Lending rate |
| Ghana | 33.0 | Lending rate |
| Equatorial Guinea | 32.9 | Unemployment |
| Armenia | 32.8 | Lending rate |
| Zambia | 31.7 | Inflation |
| Burundi | 31.0 | Inflation |
| Mongolia | 30.6 | Lending rate |
| Nepal | 30.3 | Unemployment |
| Guinea | 30.2 | Lending rate |
| Azerbaijan | 30.0 | Lending rate |
| Russia | 29.3 | Lending rate |
| Romania | 29.2 | Lending rate |
| Central African Republic | 29.1 | Lending rate |
| Sierra Leone | 29.1 | Lending rate |
| Dominican Republic | 28.5 | Lending rate |
| Ethiopia | 28.5 | Inflation |
| Kenya | 28.1 | Lending rate |
| Cabo Verde | 27.4 | Unemployment |
| North Macedonia | 27.4 | Unemployment |
| Montenegro | 27.1 | Unemployment |
| Kyrgyz Republic | 26.8 | Lending rate |
| Algeria | 26.8 | Unemployment |
| Uruguay | 26.5 | Lending rate |
| St. Lucia | 26.4 | Unemployment |
| Estonia | 25.6 | Lending rate |
| Paraguay | 25.4 | Lending rate |
| Turkmenistan | 25.1 | Lending rate |
| Spain | 25.0 | Unemployment |
| New Zealand | 24.2 | Lending rate |
| Chile | 24.0 | Unemployment |
| Serbia | 24.0 | Unemployment |
| Bangladesh | 23.5 | Inflation |
| Peru | 23.3 | Lending rate |
| Iceland | 23.1 | Lending rate |
| Uganda | 23.1 | Lending rate |
| Jamaica | 23.1 | Lending rate |
| Sweden | 23.1 | Unemployment |
| India | 22.9 | Lending rate |
| Finland | 22.9 | Unemployment |
| Greece | 22.0 | Unemployment |
| Bahamas | 21.9 | Unemployment |
| Mauritius | 21.8 | Lending rate |
| Austria | 21.3 | Unemployment |
| Morocco | 21.0 | Unemployment |
| Belarus | 21.0 | Lending rate |
| Chad | 20.9 | Lending rate |
| Albania | 20.8 | Unemployment |
| Liberia | 20.6 | Lending rate |
| Guyana | 20.2 | Unemployment |
| Canada | 20.1 | Lending rate |
| Latvia | 20.1 | Unemployment |
| Vanuatu | 20.1 | Unemployment |
| Barbados | 20.1 | Lending rate |
| Moldova | 20.0 | Lending rate |
| United Kingdom | 19.6 | Lending rate |
| Australia | 19.3 | Lending rate |
| Hungary | 19.2 | Lending rate |
| Grenada | 19.1 | Unemployment |
| Tanzania | 19.1 | Lending rate |
| Panama | 18.6 | Lending rate |
| Saudi Arabia | 18.5 | Unemployment |
| Trinidad and Tobago | 18.4 | Lending rate |
| Norway | 18.2 | Lending rate |
| Lithuania | 18.2 | Unemployment |
| Mexico | 18.0 | Lending rate |
| Luxembourg | 17.8 | Unemployment |
| France | 17.8 | Unemployment |
| Brunei Darussalam | 17.3 | Lending rate |
| Portugal | 17.2 | Unemployment |
| Bhutan | 17.2 | Lending rate |
| United States of America | 17.0 | Lending rate |
| Cameroon | 17.0 | Lending rate |
| Comoros | 16.9 | Lending rate |
| Slovakia | 16.9 | Unemployment |
| Indonesia | 16.8 | Lending rate |
| Belgium | 16.8 | Unemployment |
| Poland | 16.7 | Lending rate |
| Guatemala | 16.6 | Lending rate |
| Italy | 16.5 | Unemployment |
| Maldives | 16.1 | Lending rate |
| Laos | 15.7 | Lending rate |
| Bulgaria | 15.7 | Unemployment |
| Philippines | 15.5 | Lending rate |
| Samoa | 15.4 | Lending rate |
| Papua New Guinea | 15.2 | Lending rate |
| Sri Lanka | 15.1 | Lending rate |
| Costa Rica | 15.0 | Lending rate |
| Oman | 15.0 | Lending rate |
| Cyprus | 15.0 | Lending rate |
| El Salvador | 14.8 | Lending rate |
| Aruba | 14.7 | Lending rate |
| Nicaragua | 14.5 | Lending rate |
| Ecuador | 14.4 | Lending rate |
| Slovenia | 13.0 | Unemployment |
| Solomon Islands | 12.7 | Lending rate |
| Israel | 12.5 | Lending rate |
| Netherlands | 12.3 | Lending rate |
| Belize | 12.3 | Lending rate |
| Germany | 12.2 | Unemployment |
| United Arab Emirates | 12.0 | Lending rate |
| Kuwait | 11.9 | Lending rate |
| Croatia | 11.9 | Unemployment |
| Seychelles | 11.8 | Lending rate |
| Fiji | 11.7 | Unemployment |
| Mali | 11.7 | Lending rate |
| Tonga | 11.3 | Inflation |
| South Korea | 11.0 | Lending rate |
| Vietnam | 10.7 | Lending rate |
| Niger | 10.2 | Inflation |
| Hong Kong | 10.0 | Lending rate |
| Denmark | 10.0 | Lending rate |
| Bahrain | 9.7 | Lending rate |
| Malta | 9.5 | Unemployment |
| Togo | 9.4 | Lending rate |
| Cambodia | 8.8 | Lending rate |
| China | 8.7 | Unemployment |
| Senegal | 8.7 | Lending rate |
| Czech Republic | 8.5 | Lending rate |
| Malaysia | 8.5 | Lending rate |
| Switzerland | 7.8 | Lending rate |
| Guinea-Bissau | 7.4 | Lending rate |
| Burkina Faso | 7.4 | Lending rate |
| Qatar | 7.2 | Lending rate |
| Japan | 7.2 | Inflation |
| Macau | 6.7 | Lending rate |
| Côte D’ivoire | 6.3 | Lending rate |
| Ireland | 5.3 | Lending rate |
| Thailand | 3.1 | Lending rate |
| Singapore | 2.6 | Lending rate |
| Taiwan | 2.1 | Unemployment |
These results show why economies with similar scores may face very different challenges. Some struggle primarily with unemployment, while others face rapid price increases or high borrowing costs.
The contributing-factor column identifies the largest component of each score, not the only economic pressure affecting a country.
Which Economies Have the Lowest Misery Index Scores?
Taiwan has the lowest Misery Index score among all 178 economies, at just 2.1. Singapore follows at 2.6, while Thailand ranks third-lowest at 3.1.
Ireland is next at 5.3, followed by Côte d’Ivoire at 6.3 and Macau at 6.7.
Taiwan’s position reflects a combination of relatively favorable economic indicators, including strong real GDP per capita growth. Hanke’s analysis links its economic performance to demand for semiconductors and AI-related hardware.
Even low-scoring economies have economic pressures. Unemployment is Taiwan’s largest contributing factor, while lending rates lead in Singapore, Thailand, and Ireland.
A low score does not mean an economy has no problems. It means its combined result is lower than those of other economies under this particular formula.
How Is the Misery Index Calculated?
Economist Arthur Okun originally developed the Misery Index by combining inflation and unemployment.
Hanke’s version adds bank lending rates and real GDP per capita growth. Its formula is inflation plus twice the unemployment rate plus lending rates, minus real GDP per capita growth.
Because unemployment receives double weight, changes in employment conditions can have a larger effect on the index than equivalent changes in inflation.
The index measures selected macroeconomic pressures rather than happiness, life satisfaction, or overall living standards. It is a tool for comparing economic conditions, not a direct measure of how people feel about their lives.
Learn More on the Voronoi App
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