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Mixed Reactions As Nigeria Dodges List Of Miserable Countries, Argentina, Rwanda, Ghana, Turkey Present (SEE FULL LIST)
Mixed Reactions As Nigeria Dodges List Of Miserable Countries, Argentina, Rwanda, Ghana, Turkey Present (SEE FULL LIST)....KINDLY READ THE FULL STORY HERE▶
Written By Oshiobugie Omo-Ikirodah
Zimbabwe Tops Annual ‘Misery Index’ as the Most Challenged Nation
Zimbabwe has emerged as the most miserable country in the world, claiming the top spot on the annual ‘misery index.’ This index assesses nearly 160 nations based on various factors such as unemployment rates, inflation, and bank-lending rates. CONTINUE READING
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For three consecutive years, this African nation, home to 16 million people, has ranked among the top five gloomiest countries. The annual report attributes Zimbabwe’s plight to the brutal rule of Robert Mugabe, which transformed the country into an international outcast plagued by corruption, violence, and a severe economic crisis that pushed tens of thousands into abject poverty.
Even after the end of Mugabe’s 37-year reign, Zimbabwe continues to grapple with the economic repercussions of his regime. The mineral-rich nation has been unable to escape the aftermath of his leadership.
Following Zimbabwe on Hanke’s Annual Misery Index are Venezuela and Syria. Venezuela, also victimized by ‘economic mismanagement,’ has faced significant challenges, while Syria has been embroiled in a devastating civil war for over a decade.
Economist Professor Steve Hanke, responsible for the ranking, highlights the dominance of Zimbabwe’s ruling political party as a major factor contributing to its ‘most miserable’ status. Over the past three decades, there have been allegations of election rigging and violence surrounding the country’s elections.
Under Mugabe and his successor President Emmerson Mnangagwa, Zimbabwe has experienced two episodes of hyperinflation, characterized by monthly price increases of 50 percent or more. The sharp decline in the value of its currency led to distressing scenes of people gathering buckets of cash just to purchase a loaf of bread.
Professor Hanke suggests that with upcoming elections, opposition leader Nelson Chamisa and his Citizens Coalition for Change, if given a fair and free opportunity, might be able to lift Zimbabwe out of its current dire situation.
Joining Zimbabwe among the most miserable nations are Venezuela, Syria, Lebanon, and Sudan.
Venezuela has undergone two episodes of hyperinflation during President Nicolas Maduro’s ten-year tenure. Additionally, since Maduro assumed power in 2013, the state-owned oil company PDVSA has witnessed a staggering 76 percent collapse in oil production, as highlighted by Professor Hanke.
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