Economics

Ukraine ranked fourth among world's most "miserable" economies

3 march 2015 | 11:54

Only Venezuela, Argentina and South Africa have more miserable economies than Ukraine.

[media type="picture" position="2"]Ukraine is in the top-5 most "miserable" economies in the world.

The ranking has been made by Bloomberg based on data from 51 states. The level of "misery" is defined on the basis of unemployment and inflation levels.

The economy of Venezuela is the most "miserable" in the world. It is followed by Argentina and South Africa. Ukraine has got the fourth place in the ranking. It is noteworthy that the situation in Greece is not much better: the country is 5th in the list. Russia has been ranked seventh, just after Spain.

The war is the main culprit for the large economic losses in Ukraine. According to official data, inflation level in Ukraine was 24.9% last year. Nevertheless, Bloomberg took 17.5% as the basis for the inflation rate and 9.5% as the level of unemployment.

Read more: Ukraine loses 4 positions in the Fragile States Index's list

More "miserable" Argentina and Venezuela are characterized by a higher inflation. The South Africa has a very high unemployment rate.

Source: Bloomberg

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