Punch.ng - Abuja - Friday Apr 05, 2019.Governance -
* High unemployment rate is major contributor to misery
An economist from John Hopkins University in Baltimore, US, Steve Hanke, has ranked Nigeria as the sixth most miserable country in the world.
The ranking is titled, Hanke’s Annual Misery Index 2018: The World’s Saddest (And Happiest) Countries. Pp
Writing in the Forbes magazine of March 28, the economist notes that Misery Index is calculated using economic indices such as unemployment, inflation and the rates banks charge on loans
“In the sphere of economics, misery tends to flow from high inflation, steep borrowing costs and unemployment,” Hanke warns.
The Index notes that the high rate of unemployment in Nigeria contributes largely to its unflattering rating on the Misery Index
Hanke, in his explanatory note wrote, “The 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 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