Global Misery Index :

  • American economist Steve Hanke of Johns Hopkins University, who is an applied economist has popularised the GMI concept.
  •  He has ranked India a measly 44 out of 95 countries on GMI.
  •  The higher the index, the more is the misery felt by average citizens.
  •  Global Misery Index is based on the three parameters namely,

-Unemployment rate

-Inflation rate

-ending rate

  • In order to calculate misery index, the annualised growth of GDP is subtracted from the sum total of these three rates. That gives a score which really defines how miserable people living in a particular geography are.

In short,

  • “Misery Index = [(Unemployment Rate + Inflation Rate + Lending Rate) – Annualised Growth of GDP]”
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