Toronto, Jan 19, 2022 – Canadas highest inflation rate of 4.8 per cent since 1991 and rising unemployment numbers have made it the sixth most miserable country among 35 developed nations, as per a study.
According to the study — The Misery Index Returns — by Vancouver-based non-profit Fraser Institute, “The combination of Canada’s high inflation rate and its relatively high unemployment rate mean that Canada — and more importantly Canadians — are suffering from a comparatively high Misery Index.”
Among the 35 most advanced economies, Canada had the sixth worst Misery Index score in 2021 of 10.88 — a combination of Canada’s inflation rate of 3.15 and unemployment rate of 7.72, said the study.
Only five countries are more miserable than Canada. Spain is the worst with a Misery Index score of 17.61, followed by Greece (15.73), Italy (11.96) and Iceland (11.26).
Among the countries which are less miserable than Canada are France (10.10), the US (9.72), Australia (7.33) and Britain (7.17).
The least miserable countries with the lowest index scores are Switzerland (3.57) and Japan (2.61).
“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 study co-author.
“The fact that we are again discussing the Misery Index and Canada’s high ranking, it is bad news for all Canadians, who will suffer as a result,” said Clemens.
“Governments across Canada, particularly the federal government, should prioritize those policies that will make Canadians less miserable by lowering inflation and unemployment,” Clements added. (Agency)