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Ukraine among world’s top five miserable economies — Bloomberg

March 03, 2015, 12:56 UTC+3 KIEV
Venezuela, Argentina, South Africa and Greece are the other four
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© AP Photo/Alexander Zemlianichenko

KIEV, March 3. /TASS/. Ukraine is among the world’s five most miserable economies, after Venezuela, Argentina and South Africa, according to the Bloomberg survey data.

Bloomberg has analyzed the situation in 51 countries and believes that Venezuela, Argentina, South Africa, Ukraine and Greece are "the five most painful economies in which to live and work."

The so-called misery index is "a simple equation: unemployment rate + change in the consumer price index = misery."

Inflation in Ukraine is expected to rise to a 17.5% pace this year, the report says. According to official data, last year inflation in the country reached 24.9%

Unemployment will climb to 9.5% from its 8.9% rate as of the third quarter of 2014.

The war, which has killed 6,000 people in eastern Ukraine, according to the UN figures, "will exact greater economic casualties," Bloomberg says.

"The depressing expectations for Ukraine still aren't quite as bad as what the embattled nation faced in 2014, when it finished second in the misery index. The 2015 projections, dismal as they are, would make Ukraine bright enough to jump past South Africa and Argentina from last year's misery-index readings," the report says.

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