Lebanon has risen to the third position in the 2023 Misery Index (HAMI) by Steve Hanke, an economics professor at Johns Hopkins University, with a score of 266.1.
This places Lebanon behind Argentina and Venezuela and ahead of Syria, which ranks fourth.
In the previous year’s index, Lebanon was the fourth most “miserable” country in 2022, trailing behind Zimbabwe, Venezuela, and Syria.
In a tweet, 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.
— Steve Hanke (@steve_hanke) March 15, 2024
SKY-HIGH INFLATION = ECONOMIC MISERY.
THE SOLUTION = A CURRENCY BOARD. pic.twitter.com/ziosORJiAT
The HAMI utilizes readily available economic data to assess the economic well-being of a country, with inflation being the primary factor contributing to Lebanon’s dismal ranking.
The top 20 most miserable countries in 2023 remain largely unchanged from 2022, with only a few shifts in rankings.
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.
It is generally believed that higher unemployment rates and worsening inflation inflict economic and social costs on a country.
