Venezuela’s low economic ranking also draws attention to highly-ranked economies such as Singapore’s

Bloomberg reports that Venezuela has become the world’s most miserable economy when its jaw-dropping inflation rates reached eight million percent this year.

For Venezuelans, the report findings did not come as a surprise. Venezuela and other countries in the “most miserable” camp are in a lonely fight against parallel soaring inflation and unemployment rates.Those who stay have to face daily shortages of food and basic goods, years of recession, high inflation and regular power shortages. Even the president himself has major trouble reviving the wrecked economy.

The report also saw the US moving six spots toward 13th least miserable, and the UK improving four spots to 16th least.This Bloomberg Misery Index relies on the age-old concept that low inflation and unemployment generally illustrate how good a country’s residents should feel. This year’s scores are based on Bloomberg economist surveys, while prior years reflect actual data.

The Venezuelan government has not published economic data since 2016. So, analyst estimates can differ quite a bit from Bloomberg’s Cafe Con Leche Index, which is estimating a current inflation rate of 219,900 percent.

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