Due to extremely high inflation, Venezuela is likely to retain the title of the most miserable of the economy for the second year in a row.
Rapidly rising inflation - in the last year figure rose to 98.3% - and the unemployment rate in the 6.8% allowed the South American country to take first place in the ranking the most unfortunate countries, according to the "index torment» (misery index). According to economists' estimates in a Bloomberg survey, consumer prices will increase by 152% in 2016, and the unemployment rate will average 7.7%. The so-called "index of torment" combines unemployment and inflation indicators; this index also reflects the degree of consumer confidence in the future. Among the 63 economies listed, Venezuela ranked first "index torment" of the country is 159.7. The second place ranking is Argentina.
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The effects of the collapse in oil prices is particularly damaging to the Venezuelan economy, where oil accounts for 95% of total export volume. While Venezuela and Argentina are struggling with high inflation , the top five economies of accidents in 2016 includes countries with high unemployment:. South Africa, Greece and Ukrainein all other countries, the situation is not so bad. Due to the lower than expected, the unemployment rate, Poland ranked 42 th place in the ranking compared to the previously forecasted 19 th place.
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Economists expect the improvement in the economic situation in Russia, Romania and Ireland. After reduction of 3.7% in 2015, economists predict a gradual recovery of the Russian economy in 2017. "Torment Index" was based on the Bloomberg economic research over the past three months.