Measuring global hardship is a complex task, but economic indicators often paint a stark picture of where daily life is most challenging. According to the latest Hanke's Annual Misery Index (HAMI) for 2024, several nations are grappling with extreme financial suffering driven by hyperinflation, crippling unemployment, and political instability. This index, created by economist Steve H. Hanke, compiles data on inflation, unemployment, lending rates, and GDP growth to score nations on economic misery.
Understanding the Misery Index: A Lens on Economic Pain
Unlike happiness rankings that measure joy, the HAMI focuses squarely on economic distress. It acts as a thermometer for financial hardship, where a higher score indicates greater suffering among citizens. The index considers key factors like runaway price increases, joblessness, and punishing borrowing costs. While broader metrics like the UN's Human Development Index (HDI) assess overall quality of life, the HAMI highlights where economic collapse makes daily survival a struggle.
The 2024 data, sourced from Steve H. Hanke and The Economist and compiled by the World Population Review, identifies nations where economic turmoil has made life exceptionally difficult. The list features countries consistently plagued by financial mismanagement, conflict, and crumbling social services.
The 2024 List: Nations in the Grip of Economic Despair
Here is a closer look at the ten most miserable countries to live in, according to the 2024 HAMI rankings.
1. Sudan — HAMI Score: 375 (Inflation)
Sudan tops the chart with a devastating score of 375, primarily due to hyperinflation. A long-running civil war has shattered the economy, causing prices to surge over 300 percent. Savings have been wiped out overnight, and severe shortages of fuel and food compound the crisis, making basic survival a daily battle.
2. Argentina — HAMI Score: 196 (Inflation)
Argentina continues to suffer from decades of economic mismanagement and debt crises. With an index score of 196, the nation is gripped by runaway inflation that has doubled prices year-on-year. Despite interventions from the IMF and multiple currency overhauls, the Argentine peso remains in freefall, rendering the cost of living unbearable for many.
3. Syria — HAMI Score: 188 (Unemployment)
More than a decade of civil war has decimated Syria's infrastructure and economy, earning it a score of 188. International sanctions have isolated the country further, leading to chronic, widespread unemployment and poverty. Millions of Syrians now depend entirely on humanitarian aid to survive.
4. Yemen — HAMI Score: 163 (Inflation)
Yemen's active conflict and political fragmentation have triggered skyrocketing inflation and food insecurity. The local currency's value has plummeted, making imports unaffordable. With a HAMI score of 163, the country faces a severe famine, with millions living in desperate conditions amidst ongoing violence.
5. Turkey — HAMI Score: 121 (Lending Rate)
Turkey's unconventional monetary policies have led to soaring interest rates and unpredictable inflation, resulting in a score of 121. Annual borrowing costs exceed 50%, stifling business and investment. While it remains a major regional economy, ordinary citizens grapple with high prices and rapidly diminishing purchasing power.
6. Venezuela — HAMI Score: 118 (Unemployment)
Once among Latin America's wealthiest, Venezuela's economy has collapsed under corruption, sanctions, and hyperinflation. With a score of 118, catastrophic unemployment levels persist. Although there has been some recent stabilisation, the crisis has driven millions to emigrate in search of a better future.
Other Nations Facing Severe Economic Hardship
7. Zimbabwe — HAMI Score: 109 (Lending Rate)
Zimbabwe, with a score of 109, is still reeling from past hyperinflation. Sky-high borrowing costs, a plunging currency, and lack of access to credit cripple local businesses. Many citizens now rely on informal trade or remittances from abroad.
8. Lebanon — HAMI Score: 87.7 (Unemployment)
Lebanon's financial system collapsed recently, erasing savings and causing mass unemployment. The local currency has lost over 90% of its value, and basic utilities are routinely cut off. With a score of 87.7, widespread despair is driving a massive brain drain, especially among the youth.
9. Malawi — HAMI Score: 80.3 (Lending Rate)
One of Africa's poorest nations, Malawi scores 80.3. It struggles with double-digit interest rates and a vulnerable agricultural economy. Spiraling costs for fertilizer and food, coupled with government borrowing crowding out private investment, keep poverty rampant, particularly in rural areas.
10. Eswatini — HAMI Score: 79.9 (Unemployment)
Southern Africa's last absolute monarchy, Eswatini, rounds out the list with a score of 79.9. Deep inequality and high unemployment, especially among the youth, are fueled by restricted industrial development and political instability.
The 2024 Misery Index underscores a global reality where economic distress, often amplified by conflict and poor governance, defines the quality of life for millions. These scores serve as a crucial reminder of the tangible human cost behind macroeconomic statistics.
