Lebanon ranks third in the list of countries with the most miserable economies in the world, according to the 2023 Misery Index (HAMI) by Hanke, with a score of 266.1, following Argentina and Venezuela.

The HAMI uses readily available economic data to determine how “miserable” or “healthy” an economy is.

The Hanke 2022 Misery Index (HAMI) is out. By measuring inflation, lending rates, unemployment & GDP/capita, we determined which countries are "happy" and which ones are "miserable." The happiest countries in 2022 were Switzerland, Kuwait, and Ireland. pic.twitter.com/mW9edLdnYB

— Steve Hanke (@steve_hanke) May 24, 2023

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In the previous year’s index, Lebanon was the fourth most “miserable” country in 2022, trailing behind Zimbabwe, Venezuela, and Syria.

Steve Hanke emphasized that the primary cause of Lebanon’s ranking in the Misery Index this year is sky-high inflation, proposing the implementation of a currency board as a solution.

#LEBWatch🇱🇧: In Hanke’s 2023 Annual Misery Index, Lebanon ranks as the MOST MISERABLE country in the Middle East & North Africa region and the THIRD MOST MISERABLE country in the world.

SKY-HIGH INFLATION = ECONOMIC MISERY.

THE SOLUTION = A CURRENCY BOARD. pic.twitter.com/ziosORJiAT

— Steve Hanke (@steve_hanke) March 15, 2024

The top five most miserable Arab countries in the Middle East and North Africa region, according to the 2023 Misery Index, are Lebanon, Syria, Sudan, Yemen, and Egypt.

The misery index, an economic indicator devised by economist Arthur Okun, helps gauge the economic status of the average citizen by combining the seasonally adjusted unemployment rate with the annual inflation rate.

 

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