Misery value: 1872.0
2017 misery value: N/A
Crisis-struck Venezuela marks its fourth year as the most miserable country on Bloomberg’s index by an eye-watering margin. Hyperinflation is the cause.
Plummeting oil prices meant the oil-rich economy went into reverse, and the government former President Hugo Chavez began to run out of money. Price controls, falling imports, dwindling foreign reserves are also tearing the economy apart and driving the number of malnourished Venezuelans up rapidly, CNN reports. Protests are also spreading across the country.
The country does not measure inflation, so its true rate is anyone’s guess. Economists surveyed by Bloomberg see it rising 1,864% this year, while the International Monetary Fund estimates that figure at around 13,000%. You read that right: 13,000%.