The International Monetary Fund has predicted a slowdown for global growth from 3.4 per cent to 2.9 per cent in 2023. Even advanced economies will be growing at only 0.5 per cent in 2023, as compared to 2.5 per cent in 2022, as the impact of recession hits according to the World Bank.
But poor countries already struggling with inflation and unemployment before the world was shaken up by geopolitical tensions, are hit the hardest as per economist Steve Hanke's list of most miserable countries.
India hurt by unemployment
India appears on the list of 157 countries at the 103rd position, and the main reason behind its misery has been the lack of employment.
In April 2023, India's unemployment rate increased once again to 8.11 per cent as compared to 7.8 per cent in March.
Pakistan's price rise woes
On the other hand, India's neighbour Pakistan, jostled by constantly rising food prices, erosion of forex reserves, floods and political instability, was ranked 35 based on the misery index.
Despite multiple headwinds affecting the country, inflation emerged as the key contributor to Pakistan's miserable state.
Zimbabwe emerged as the most miserable country on the list compiled by taking inflation, unemployment, lending rates and GDP into consideration.
It was followed by Venezuela, Syria, Lebanon and Sudan, while Kuwait, Ireland and Japan were among the least miserable on the list.
