Turkey ranks fourth “miserable” economy among 62 countries in the world, according to a Bloomberg report released on Wednesday.
US-based Bloomberg has been ranking economies in an index, called “misery index”, which sums inflation and unemployment outlooks for 62 economies. In contrast to many rankings, the Bloomberg index is a list where countries want to be as close to the bottom as possible.
While previous years reflect actual data, 2019 scores are based on the forecasts of economists surveyed by Bloomberg, indicating, therefore, an estimate for the moment.
In 2019, in its fifth year, the worst five countries have remained the same when compared to 2018.
Venezuela will again be, in the negative first place, the most miserable economy in 2019, with its economic disaster and political crisis. Argentina and South Africa, Turkey, and Greece will be following Venezuela respectively.
Turkey is expected to remain the fourth most miserable country, performing worse this year with 30.20 points against 26.80 in 2018.
The annual inflation rate in Turkey was recorded as 20.30 percent in 2018, marking the highest in the last 16 years. Turkey’s unemployment reached 14.70 percent in January.
In the opposite end, the least economically miserable countries are Thailand, Singapore, Japan, Switzerland, and Denmark.
Invented first in the 1970s by Arthur Okun, a member of the Council of Economic Advisers to US President Lyndon B. Johnson, the misery index is calculated as the sum of inflation and unemployment rates of a country. Despite its rather simple calculation, it is useful in determining how an average resident in a given economy feels well, representing the age-old concept.
The post Turkish economy 4th most “miserable” in the world, says Bloomberg appeared first on IPA NEWS.
from IPA NEWS https://ipa.news/2019/04/19/turkish-economy-4th-most-miserable-in-the-world-says-bloomberg/
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