BUSINESS

Greek economy among the world's most 'miserable,' says Bloomberg

TAGS: Economy

Greece ranks fifth among 11 nations with the most “miserable” economies in the world, according to a report by Bloomberg published on Wednesday.

According to the Bloomberg Misery Index giving the country 20.1 points in 2018 and a projected 19.2 this year, Greece comes behind top-placed Venezuela (with nearly 930,000 points last year and a staggering 8 million this one), Argentina (42.7 in 2018 and 51.4 in 2019), South Africa (31.8 and 32.3 respectively) and Turkey, which is seen performing worse this year with 30.2 points against 26.8 in 2018.

What these countries have in common, the report said, is “intense economic stress and scant progress in taming price growth and getting people back to work.”

“The Bloomberg Misery Index relies on the age-old concept that low inflation and unemployment generally illustrate how good an economy’s residents should feel,” the report said, adding that this year’s scores are based on Bloomberg economist surveys, while prior years reflect actual data.

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