Misery Index: South Africa’s economy still sucks

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Not to ruin your long weekend or state the obvious, but South Africa’s economy is pretty miserable.

Rubbish burns after students protested outside the parliament during South African Finance Minister Pravin Gordhan’s medium term budget speech in Cape Town, South Africa October 26, 2016. REUTERS/Wayne Conradie

So miserable, in fact, that the latest , which sums inflation and unemployment outlooks for 62 economies Bloomberg Misery Index, rated it as one of the worst.

Factors that influence this misery is intense economic stress and scant progress in taming price growth and getting people back to work.

South Africa is ranked third in the forecast, behind Venezuela and Argentina.

While this version paints an extreme picture, it only looks at 62 countries. However, other misery forecast indexes paint a similar picture.

Another forecast put South Africa in seventh, behind Venezuela, Zimbabwe, Argentina, Iran, Bosnia and Herzegovina and Nigeria.

That version is one that was first developed by Arthur Okun, a member of the Council of Economic Advisers to U.S. President Lyndon B. Johnson, back in the 1970s.

The Bloomberg version is a bit different, but considering the difficulties faced in South Africa, especially with regards to youth unemployment, can’t be ignored.

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