Lebanon rises to third place in the list of countries with the most miserable economy according to the 2023 Misery Index (HAMI) by Hanke, with a score of 266.1. Lebanon follows Argentina and Venezuela and precedes Syria, which ranks fourth.
The HAMI uses readily available economic data to determine how “miserable” or “healthy” an economy is. The primary and major factor behind Lebanon’s dismal ranking is inflation.
The 20 most miserable countries in 2023 are roughly the same as in 2022. Specifically, 16 out of the 20 most miserable countries remain the same. Cuba, Sri Lanka, Ghana and Rwanda have dropped out of the ranking, while Pakistan, Malawi, Myanmar and Egypt have appeared.
It is noteworthy that the idea of a misery index was introduced by Arthur Okun, a prominent economist who served as Chairman of the Council of Economic Advisers from 1968 to 1969 under the administration of United States President Lyndon Johnson. Okun wanted a simple way to gauge an economy’s health. The index he used for the United States is equal to the sum of the inflation and unemployment rates.
