👤 Danjuma Aliyu, DENISAURUS News
Nigeria has joined Venezuela as one of the most miserable countries in the world, DENISAURUS News can reveal.
Research by Steve Hanke, an economist from John Hopkins University in Baltimore, United States revealed that the country under President Muhammadu Buhari has taken the sixth position among the most miserable countries in the world.
The report released this week, states that “Venezuela holds the inglorious title of the most miserable country in the world in 2018, as it did in 2017, 2016, and 2015.”
The ranking which was constructed by an economist, Art Okun, in the 1960s “was a way to provide President Lyndon Johnson of US with an easily digestible snapshot of the economy. That original Misery Index was just a simple sum of a nation’s annual inflation rate and its unemployment rate.
‘’The index has been modified several times, first by Robert Barro of Harvard University and then by myself. My modified Misery Index is the sum of the unemployment, inflation and bank lending rates, minus the percentage change in real GDP per capita.
“Higher readings on the first three elements are bad and make people more miserable. These are offset by a good (GDP per capita growth), which is subtracted from the sum of the ‘bads.’ A higher Misery Index score reflects a higher level of misery, and it’s a simple enough metric that a busy president, without time for extensive economic briefings, can understand at a glance.
“The accompanying table contains Misery Index rankings for the 95 nations that report relevant data on a timely basis. For consistency and comparability, and with few exceptions, data were retrieved from the Economist Intelligence Unit.”
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This comes few days after President Buhari was elected to serve a second term.
The President, 76, the first to defeat an incumbent President through the ballot box, promised to kill corruption, but has been accused of strangulating the economy and causing rising numbers of unemployment despite promises to create jobs.
Recently, Nigeria overtook India as the World poverty capital.
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