The misery index is an economic indicator that combines the unemployment rate and the inflation rate. Although it is rare for both unemployment and inflation to be high at the same time, there have been instances of this occurring, such as during episodes of stagflation in the 1970s. Due to high levels of inflation since late 2021, the misery index in March 2023 is at a relatively high rate of 8.49 percent.

In 2022, Zimbabwe was ranked as the most miserable country in the world with a misery index score of 414.7. Venezuela ranked second with an index score of 330.8.

Quality of life around the world The misery index was created by the economist Arthur Okun in the 1960s. The index is calculated by adding the unemployment rate, the lending rate and the inflation rate minus percent change of GDP per capita.

Another famous tool used for the comparison of development of countries around the world is the Human Development Index, which takes into account such factors as life expectancy at birth, literacy rate, education level and gross national income (GNI) per capita.

Better economic conditions correlate with higher quality of life

Economic conditions affect the life expectancy, which is much higher in the wealthiest regions. With a life expectancy of 85 years, Japan led the ranking of countries with the highest life expectancy in 2020. On the other hand, Lesotho was the country with the lowest life expectancy, where men were expected to live 50 years as of 2022.

The Global Liveability Index ranks the quality of life in cities around the world, basing on political, social, economic and environmental aspects, such as personal safety and health, education and transport services and other public services. In 2022, Vienna was ranked as the city with the highest quality of life worldwide.