Venezuela’s economy has been ranked the most miserable in the world according to a new Bloomberg report.
In a 63 country study, Venezuela was closely followed by Argentina, Brazil and Spain. Unemployment and inflation were the two variables taken into consideration to establish country ratings.
Venezuela was awarded a record 160 points. Rising oil prices have crippled the country’s crude-based economy, representing 95 percent of the country’s export market. Rationing, black outs and the weak Venezuelan bolivar versus the U.S. dollar were all factors that also need to be taken into consideration, according to Infobae.
Despite Mauricio Macri being voted in, Argentina’s economy ranked a sickly second, due to inflation reported at around 27 percent.
Brazil, Spain, South Africa, Greece, Ukraine, Turkey, Serbia and Kazakstan also reached the top ten due to high unemployment levels.
Thailand was ranked the happiest economy in the world, closely followed by Japan, Taiwan and Singapore.