Guess what was named the world's most miserable country
For the second straight year, Venezuela has been named the most miserable country on earth. No word yet, about whether citizens will be going to Disney World to celebrate, but it's probably safe to assume they'll settle for traveling somewhere — anywhere — that isn't within their country's own borders.
The Cato Institute is responsible for giving the South American nation its back-to-back honors, after releasing its annual Misery Index. Each year, the public policy organization ranks 180 countries based on four data points: unemployment levels, interest rates, consumer prices and economic growth.
Not only did Venezuela finish with 106.3 points on the index — 38.3 points higher than second-place Argentina — but its ranking was also 27 points higher than its worst place finish in 2013. Syria, Ukraine and Iran rounded out the top five, respectively.
Cato Institute and John Hopkins University economist Steve Hanke told CNBC:
"The interesting thing is that every one of those countries […] with the exception of Argentina are suffering the fallout of sanctions."
According to the Index, the major contributor to Venezuela's misery is consumer price inflation; Venezuela's inflation rate is a jaw-dropping 60 percent. On top of that, the price of oil — which makes up 95 percent of the country's exports — continues to plummet.
On the other side of the index, the least miserable countries were Brunei, Switzerland — despite being the most expensive country in the world — China (really?), Taiwan, and Japan. The United States was the 14th least miserable country, ranking right between Sweden and Hong Kong.