Every year, Washington-based libertarian think tank The Cato Institute publishes the Annual Misery Index, created by world-renowned economist and professor of applied economics at the Johns Hopkins University Steve Hanke.
Hanke’s Misery Index is the sum of the unemployment, inflation and bank lending rates, minus the percentage change in the real Gross Domestic Product per capita.
The Cato Institute analyzes available data for 95 countries, and creates the list of most and least miserable countries in the world.
Bosnia and Herzegovina is the eighth most miserable country in the world, with the index score of 38.2 and unemployment listed as the primary contributing factor.
Venezuela is the most miserable country for the fourth year in a row, mostly due to the country’s 929,790 percent inflation. Other countries in the Top 10 of the most miserable countries in the world are Argentina, Iran, Brazil, Turkey, Nigeria, South Africa, Egypt and Ukraine.
On the other end of the list, Thailand is the least miserable country in the world, as the country’s unemployment rate has been ranging between 0.4 and 1.2 percent for years.
According to the Annual Misery Index, other countries among the least miserable ones include Hungary, Japan, Austria, China, Switzerland, Taiwan, Netherlands, Czech Republic and Malaysia.
Countries in the region have also fared much better than Bosnia: Slovenia is ranked 74th, Croatia 51st, Albania 46th, and Serbia 32nd.