The 2016 misery index report ranks South Africa as the only African country with the most miserable economy. The report, which comprises of 63 economies, was compiled by adding the levels of a country’s unemployment and year-over-year growth in its consumer price index, along with standing calculations where a higher score indicates more misery. Overall, Venezuela came first as the world’s most miserable economy, while Argentina ranked second and South Africa retained its position from last year, ranking third.
It is rather shocking that South Africa made the misery index list while Sudan and Egypt which ranked eleventh and eighteenth position respectively last year, escaped the misery index list this year.
However, here are three reasons why South Africa is the most miserable country in Africa:
Fall in the Rand against the Dollar
The South African Rand, which was ranked as the 18th most-traded currency in the world in 2013, lost 26 percent of its value against the Dollar last year, making it the third worst-performing currency in the world.