Ranked: The World’s Most and Least Miserable Economies

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)CountryMisery Index

1 Venezuela556.5

2 Sudan225.4

3 Turkey101.0

4 Iran95.9

5 Argentina88.4

6 Eswatini80.0

7 South Africa79.0

8 Malawi75.2

9 Madagascar74.0

10 Lebanon72.4

11 Haiti72.4

12 Angola72.3

13 Yemen71.0

14 Myanmar65.9

15 Zimbabwe64.7

16 Djibouti60.6

17 Botswana60.1

18 Bosnia and Hercegovina59.7

19 Brazil59.6

20 Gabon58.6

21 Ukraine55.6

22 Palestinian Territories52.5

23 Namibia50.8

24 Congo (brazzaville)49.8

25 Lesotho48.5

26 Egypt46.5

27 São Tomé and Príncipe45.8

28 Bolivia44.0

29 Tunisia43.9

30 Suriname43.6

31 Iraq42.0

32 Jordan41.3

33 Syria41.2

34 Georgia40.0

35 St. Vincent and the Grenadines39.1

36 Rwanda38.9

37 Nigeria37.9

38 Mauritania37.8

39 Kazakhstan37.8

40 Cuba37.4

41 Mozambique37.3

42 Congo (Democratic Republic)36.9

43 Uzbekistan36.5

44 Libya36.0

45 Pakistan35.7

46 Colombia35.6

47 Tajikistan35.5

48 The Gambia34.2

49 Honduras34.0

50 Ghana33.0

51 Equatorial Guinea32.9

52 Armenia32.8

53 Zambia31.7

54 Burundi31.0

55 Mongolia30.6

56 Nepal30.3

57 Guinea30.2

58 Azerbaijan30.0

59 Russia29.3

60 Romania29.2

61 Central African Republic29.1

62 Sierra Leone29.1

63 Dominican Republic28.5

64 Ethiopia28.5

65 Kenya28.1

66 Cabo Verde27.4

67 North Macedonia27.4

68 Montenegro27.1

69 Kyrgyz Republic26.8

70 Algeria26.8

71 Uruguay26.5

72 St. Lucia26.4

73 Estonia25.6

74 Paraguay25.4

75 Turkmenistan25.1

76 Spain25.0

77 New Zealand24.2

78 Chile24.0

79 Serbia24.0

80 Bangladesh23.5

81 Peru23.3

82 Iceland23.1

83 Uganda23.1

84 Jamaica23.1

85 Sweden23.1

86 India22.9

87 Finland22.9

88 Greece22.0

89 Bahamas21.9

90 Mauritius21.8

91 Austria21.3

92 Morocco21.0

93 Belarus21.0

94 Chad20.9

95 Albania20.8

96 Liberia20.6

97 Guyana20.2

98 Canada20.1

99 Latvia20.1

100 Vanuatu20.1

101 Barbados20.1

102 Moldova20.0

103 United Kingdom19.6

104 Australia19.3

105 Hungary19.2

106 Grenada19.1

107 Tanzania19.1

108 Panama18.6

109 Saudi Arabia18.5

110 Trinidad and Tobago18.4

111 Norway18.2

112 Lithuania18.2

113 Mexico18.0

114 Luxembourg17.8

115 France17.8

116 Brunei Darussalam17.3

117 Portugal17.2

118 Bhutan17.2

119 United States of America17.0

120 Cameroon17.0

121 Comoros16.9

122 Slovakia16.9

123 Indonesia16.8

124 Belgium16.8

125 Poland16.7

126 Guatemala16.6

127 Italy16.5

128 Maldives16.1

129 Laos15.7

130 Bulgaria15.7

131 Philippines15.5

132 Samoa15.4

133 Papua New Guinea15.2

134 Sri Lanka15.1

135 Costa Rica15.0

136 Oman15.0

137 Cyprus15.0

138 El Salvador14.8

139 Aruba14.7

140 Nicaragua14.5

141 Ecuador14.4

142 Slovenia13.0

143 Solomon Islands12.7

144 Israel12.5

145 Netherlands12.3

146 Belize12.3

147 Germany12.2

148 United Arab Emirates12.0

149 Kuwait11.9

150 Croatia11.9

151 Seychelles11.8

152 Fiji11.7

153 Mali11.7

154 Tonga11.3

155 South Korea11.0

156 Vietnam10.7

157 Niger10.2

158 Hong Kong10.0

159 Denmark10.0

160 Bahrain9.7

161 Malta9.5

162 Togo9.4

163 Cambodia8.8

164 China8.7

165 Senegal8.7

166 Czech Republic8.5

167 Malaysia8.5

168 Switzerland7.8

169 Guinea-Bissau7.4

170 Burkina Faso7.4

171 Qatar7.2

172 Japan7.2

173 Macau6.7

174 Côte D’ivoire6.3

175 Ireland5.3

176 Thailand3.1

177 Singapore2.6

178 Taiwan2.1

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.

CountryMisery IndexMajor Contributing Factor

Venezuela556.5Inflation

Sudan225.4Inflation

Turkey101.0Lending rate

Iran95.9Inflation

Argentina88.4Inflation

Eswatini80.0Unemployment

South Africa79.0Unemployment

Malawi75.2Inflation

Madagascar74.0Lending rate

Lebanon72.4Unemployment

Haiti72.4Inflation

Angola72.3Lending rate

Yemen71.0Lending rate

Myanmar65.9Inflation

Zimbabwe64.7Lending rate

Djibouti60.6Unemployment

Botswana60.1Unemployment

Bosnia and Hercegovina59.7Unemployment

Brazil59.6Lending rate

Gabon58.6Unemployment

Ukraine55.6Lending rate

Palestinian Territories52.5Inflation

Namibia50.8Unemployment

Congo (brazzaville)49.8Unemployment

Lesotho48.5Unemployment

Egypt46.5Unemployment

São Tomé and Príncipe45.8Lending rate

Bolivia44.0Inflation

Tunisia43.9Unemployment

Suriname43.6Lending rate

Iraq42.0Unemployment

Jordan41.3Unemployment

Syria41.2Unemployment

Georgia40.0Lending rate

St. Vincent and the Grenadines39.1Unemployment

Rwanda38.9Lending rate

Nigeria37.9Inflation

Mauritania37.8Lending rate

Kazakhstan37.8Lending rate

Cuba37.4Inflation

Mozambique37.3Lending rate

Congo (Democratic Republic)36.9Lending rate

Uzbekistan36.5Lending rate

Libya36.0Unemployment

Pakistan35.7Lending rate

Colombia35.6Lending rate

Tajikistan35.5Lending rate

The Gambia34.2Inflation

Honduras34.0Lending rate

Ghana33.0Lending rate

Equatorial Guinea32.9Unemployment

Armenia32.8Lending rate

Zambia31.7Inflation

Burundi31.0Inflation

Mongolia30.6Lending rate

Nepal30.3Unemployment

Guinea30.2Lending rate

Azerbaijan30.0Lending rate

Russia29.3Lending rate

Romania29.2Lending rate

Central African Republic29.1Lending rate

Sierra Leone29.1Lending rate

Dominican Republic28.5Lending rate

Ethiopia28.5Inflation

Kenya28.1Lending rate

Cabo Verde27.4Unemployment

North Macedonia27.4Unemployment

Montenegro27.1Unemployment

Kyrgyz Republic26.8Lending rate

Algeria26.8Unemployment

Uruguay26.5Lending rate

St. Lucia26.4Unemployment

Estonia25.6Lending rate

Paraguay25.4Lending rate

Turkmenistan25.1Lending rate

Spain25.0Unemployment

New Zealand24.2Lending rate

Chile24.0Unemployment

Serbia24.0Unemployment

Bangladesh23.5Inflation

Peru23.3Lending rate

Iceland23.1Lending rate

Uganda23.1Lending rate

Jamaica23.1Lending rate

Sweden23.1Unemployment

India22.9Lending rate

Finland22.9Unemployment

Greece22.0Unemployment

Bahamas21.9Unemployment

Mauritius21.8Lending rate

Austria21.3Unemployment

Morocco21.0Unemployment

Belarus21.0Lending rate

Chad20.9Lending rate

Albania20.8Unemployment

Liberia20.6Lending rate

Guyana20.2Unemployment

Canada20.1Lending rate

Latvia20.1Unemployment

Vanuatu20.1Unemployment

Barbados20.1Lending rate

Moldova20.0Lending rate

United Kingdom19.6Lending rate

Australia19.3Lending rate

Hungary19.2Lending rate

Grenada19.1Unemployment

Tanzania19.1Lending rate

Panama18.6Lending rate

Saudi Arabia18.5Unemployment

Trinidad and Tobago18.4Lending rate

Norway18.2Lending rate

Lithuania18.2Unemployment

Mexico18.0Lending rate

Luxembourg17.8Unemployment

France17.8Unemployment

Brunei Darussalam17.3Lending rate

Portugal17.2Unemployment

Bhutan17.2Lending rate

United States of America17.0Lending rate

Cameroon17.0Lending rate

Comoros16.9Lending rate

Slovakia16.9Unemployment

Indonesia16.8Lending rate

Belgium16.8Unemployment

Poland16.7Lending rate

Guatemala16.6Lending rate

Italy16.5Unemployment

Maldives16.1Lending rate

Laos15.7Lending rate

Bulgaria15.7Unemployment

Philippines15.5Lending rate

Samoa15.4Lending rate

Papua New Guinea15.2Lending rate

Sri Lanka15.1Lending rate

Costa Rica15.0Lending rate

Oman15.0Lending rate

Cyprus15.0Lending rate

El Salvador14.8Lending rate

Aruba14.7Lending rate

Nicaragua14.5Lending rate

Ecuador14.4Lending rate

Slovenia13.0Unemployment

Solomon Islands12.7Lending rate

Israel12.5Lending rate

Netherlands12.3Lending rate

Belize12.3Lending rate

Germany12.2Unemployment

United Arab Emirates12.0Lending rate

Kuwait11.9Lending rate

Croatia11.9Unemployment

Seychelles11.8Lending rate

Fiji11.7Unemployment

Mali11.7Lending rate

Tonga11.3Inflation

South Korea11.0Lending rate

Vietnam10.7Lending rate

Niger10.2Inflation

Hong Kong10.0Lending rate

Denmark10.0Lending rate

Bahrain9.7Lending rate

Malta9.5Unemployment

Togo9.4Lending rate

Cambodia8.8Lending rate

China8.7Unemployment

Senegal8.7Lending rate

Czech Republic8.5Lending rate

Malaysia8.5Lending rate

Switzerland7.8Lending rate

Guinea-Bissau7.4Lending rate

Burkina Faso7.4Lending rate

Qatar7.2Lending rate

Japan7.2Inflation

Macau6.7Lending rate

Côte D’ivoire6.3Lending rate

Ireland5.3Lending rate

Thailand3.1Lending rate

Singapore2.6Lending rate

Taiwan2.1Unemployment

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

If you enjoyed this visualization, check out The $128 Trillion Global Economy: Every Country’s GDP Ranked on the Voronoi app.