Turkey is among the "most miserable" countries in world because of inflation, unemployment

Turkey is one of the world's most "miserable" economies due to high inflation and unemployment, a Bloomberg report said.

The NATO member ranks fourth in the Bloomberg 2019 Index for misery, slightly less than Venezuela, South Africa and Argentina, and Greece ranks fifth, followed by Ukraine.

"Each of these countries retains the same position they occupied last year because of the severe economic pressures and little progress in taming price growth and bringing people back to work," Bloomberg said in a report late on Wednesday.

Turkey's inflation rate in March was 19.7 percent, up from the previous month. At the same time, the unemployment rate has risen to nearly 15 per cent with the recession of the economy, while more than a quarter of young people are now unemployed.

Bloomberg's index of misery is calculated by increasing inflation and unemployment in the country. Economists compare average rates of unemployment and inflation between 2018 and 2019.

Thailand was the less miserable country, thanks to its calculation of unemployment. Switzerland improved to second place and Singapore was third.

(T/S)

ANHA


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