Feeling a little bummed lately? Well, it’s not just you- a new ranking has found that Canada is near the top of the most ‘miserable’ advanced economies around the world. The news comes from the Fraser Institute, a think tank focused on economic policy and competitive markets. Here’s what they found.
First off- what the heck is an advanced economy? According to the International Monetary Fund, advanced economies are classified using three factors. These are a relatively high per capita income level, export diversification, and integration into the global financial system. There are currently 40 countries that are considered ‘advanced economies’, ranging from Singapore to Switzerland.
Now, on to the ‘Misery Index‘ from the Fraser Institute. Basically, the index looks at the inflation rates and unemployment rates across 35 of the world’s advanced economies. Taken together, the result is a list of countries deemed ‘miserable’, at least from an economic perspective. And, with inflation for 2021 sitting at 3.2% and unemployment 7.7% (using IMF projections), Canada has landed 6th on the list.
According to the report, that puts Canada ‘ahead’ of countries like the United States, Australia, and Germany. However, we’re technically behind some of the most seemingly happy countries in the world- Iceland and Sweden both rank higher on the Misery Index.
“Canadians are rightly concerned about the country’s high inflation and unemployment rates, and when compared to other developed countries, Canada is not doing well,” said Jason Clements, executive vice president of the Fraser Institute and co-author of The Misery Index Returns.
So, we’ll cap this summary of Canada being named one of the most miserable countries in the world with something a little more uplifting. Keep in mind that these are economic determinants, and they don’t really take into account the small issue of a global pandemic forcing economic shutdowns (and consequently, government payouts) in favour of public health and safety.
From another view, Canada was ranked the 15th happiest country in the world last year.
Context is key, folks!