In 2016, Russia was the 12th most economically miserable country, with Venezuela heading the list, according to Bloomberg. However, Bloomberg predicts that Russia could drop to 21st this year, placing the country’s level of economic woe between France (20th) and Slovakia (22nd).
The 2017 misery forecast for Russia amounted to 10.3 points in comparison to 12.6 points last year. The 2017 forecast figure for Venezuela was 499.7 points while Thailand had 2.6 points.
According to the Central Bank of Russia, the growth of consumer prices has been slowing down and there has been a decline in the unemployment rate in the country in the past year. A review by the Central Bank released in February showed that the unemployment rate in Russia in 2016 decreased by 0.5% to 5.3%, returning to the level from 2012 to 2013.
The Bank of Russia also predicted a 4% slowdown in inflation at the end of 2017. Last year, as the Federal State Statistics Service reported, consumer price growth slowed to 5.4% in the country, the lowest figure in modern Russian history.
Other countries where the level of economic misery is forecast to decline this year include Norway, which, due to a decrease in the unemployment rate to 4.8% and a slowdown in consumer price growth, may finish 47th in the list compared to 29th a year earlier. Significant improvements this year are forecast for the Netherlands, China, Peru and Ecuador.
The index shows that this year the least miserable countries will be Thailand, Singapore, Switzerland, Japan, Iceland and others. At the end of last year, the lowest level of misery was registered in Thailand.