News
Sri Lanka gets dubious honour for sadness
View(s):By Dilushi Wijesinghe
Last year Sri Lanka was one step away from entering the top 10 ‘most miserable countries in the world’, with the high inflation being one main reason, a study reveals.
Over the last few years Sri Lanka experienced a rapid decrease in the contentment of her people, both economically and socially
Sri Lanka was ranked 11th with a Misery Index Score of 99.634 in Hanke’s Annual Misery Index (HAMI) 2022 by economist Steve Hanke which provided rankings for 157 countries. Hanke, an American, is a professor of applied economics and founder and codirector of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at the Johns Hopkins University in Baltimore.
The index is calculated based on the rates of factors such as unemployment, inflation, bank-lending, real Gross Domestic Product per capita growth.
From being ranked 74 in 2020, 58 in 2021, last year Sri Lanka experienced a rapid decrease in the contentment of her people economically and socially, triggering a crime wave amid the crises.
Zimbabwe ranked as ‘the most miserable country in the world’ while Switzerland ranked 157, the lowest score. The major contributing factor for Zimbabwe was inflation. However, Switzerland, although being least affected, dealt with unemployment as its contributing factor.
Notably, Sri Lanka had also been identified as ‘the most miserable country in South Asia’ followed by Pakistan.
“Regardless of the ranking, the problem is evident,” says economist and CEO of Advocata Institute Dhananath Fernando, spotlighting the concept of ‘sound money’ where the exchange rate should be stable.
The fallout of the worst economic crisis the country has faced is the increase in crime, violence, theft, as well as educated individuals leaving the country. Departures of professionals will result in institutions degenerating and becoming dysfunctional.
Siri Hettige, professor emeritus of Sociology at the University of Colombo told the Sunday Times that the country needs a government with honest and competent leaders to revive it in the long run. “There’s a need for a major change in the country.’’
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