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Inflation, which is expected to reach 8 million percent this year, has left Venezuela struggling with the title of the world's most miserable economy.
The troubled South American nation has climbed to the top of the Bloomberg's Misery Index, which summarizes the inflation and unemployment outlook of 62 economies for the fifth year in a row.
Venezuela and a handful of others in the "most miserable" camp are fighting alone against a high inflation rate and high unemployment rates.
This year, most policymakers in other countries face a very different challenge: a delicate combination of moderate inflation and falling unemployment that complicates reading about economic health and appropriate responses.
Thailand has again claimed the title of "less miserable", although the unique way in which the government of count Unemployment makes it less remarkable than the improvement of Switzerland in second place and Singapore manages to stay in the last three.
The United States went from six places to 13th place among the least unfortunate and the United Kingdom improved four places to 16th place.
The Bloomberg Misery Index is based on the age-old principle that low inflation and low unemployment generally illustrate the well-being that people in an economy should feel. This year's scores are based on Bloomberg economists' polls, while previous years reflect actual data.
Sometimes, of course, a low rate can be misleading in one or the other category: still low prices can be a sign of poor demand and an unemployment rate too low that hinders workers who want to move to better jobs, for example.
The Venezuelan government has not published any economic data since 2016. Analysts' estimates are very different from those of Bloomberg. Coffee Con Leche Index, which estimates a current inflation rate of 219,900%.
The trend of price growth of the poverty index is different from last yearwhen fears of gradual inflation pushed up the scores of many countries. Economists surveyed by Bloomberg find that nearly half of the 62 economies record lower inflation rates than those of 2018, while a majority predicts a drop in unemployment.
The swings of 2018 are change the central bankersSpirits from all over the world.
Emerging markets, which hastened to tighten their policies last year due to a stronger US dollar and threatening inflation, witnessed a wave of turmoil. calls from dovish since the beginning of 2019.
The International Monetary Fund is among the institutions that have repeatedly downgraded forecast for the global economy this year.
The 17-point deterioration of its score by Russia, which ranks 17th among the most miserable economies, is due to forecasts of rising prices and stagnating unemployment.
A spike in inflation last month has complicated central bankers' plans to ease their monetary policy.
Argentina, South Africa, Turkey, Greece and Ukraine join Venezuela among the poorest. They all held the same rank as last year, showing intense economic stress and little progress in controlling price growth and the recovery in employment.
At the other end of the scale, Singapore, whose central bankers have won best of the world status, stands pretty at least third less miserable despite a decline of a point.
However, sometimes a "less miserable" score is not all he has cracked: Japan's top 5 is hiding weakening demand it is therefore difficult for the Asian giant to gain ground in the fight against global demographic and trade barriers.
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