NZ climbs to 104th in annual HAMI, with heightened interest rates implicated in the country’s increased misery.
New Zealand is a far more miserable country than it used to be, according to an annual index that rates “misery” around the world.
The index, released on Tuesday, showed New Zealand had gone from the 151st most miserable country to the 104th most dejected place on earth in just 12 months.
Higher interest rates were blamed as a major reason for the reason Kiwis were so downcast.
Hanke’s Annual Misery Index (HAMI) ranked New Zealand as more miserable than Mexico, Papua New Guinea, and Germany.
Zimbabwe was rated the most miserable country in the world due to a massive inflation rate of 243.8 per cent.
Switzerland edged out Kuwait and Ireland as the happiest country in the world.
The misery rating is determined by the sum of the unemployment rate multiplied by two, inflation, and bank-lending rates, minus the annual percentage change in real GDP per capita.
Higher readings on the first three elements are “bad” and make people more miserable.
The “bads” are offset by a “good” (real GDP per capita growth), which is subtracted from the sum of the bads to yield a HAMI score.
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