The latest Misery Index from the Cato Institute shows that South Africa is one of the most miserable countries in the world.<\/p>\n
In its 2015\/16 rankings, South Africa ranked as the 5th most miserable country in the world with a score of 40.0, up from 10th position in 2014\/15, when it had a score of 39.2.<\/p>\n
The misery index is based on four key data points: Unemployment levels, interest rates, consumer prices and economic growth.<\/p>\n
Like other countries in the top 10, South Africa performed poorly across all indicators – but its unemployment rate is what hits the hardest.<\/p>\n
The country’s key misery indicator is the rate of unemployment, which jumped a relatively massive 2.2 percentage points to 26.7% in Q1 2016, Stats SA reported this week.<\/p>\n
According to the Cato Institute, South Africa’s unemployment crisis is worse than it was at the end of apartheid in 1994 – and the story is most alarming for youth unemployment, which tops 60% when ‘discouraged workers’ are added in.<\/p>\n
This view echos a similar report put out by the World Bank in January 2016, which said that the country’s education system appears to have left the young unemployed and ill equipped for a labor market that demands more skills.<\/p>\n
Read:\u00a0South Africa unemployment is worse now than at the end of apartheid<\/a><\/strong><\/p>\n In the first quarter of 2016, the South African job market suffered 355,000 job losses – the bulk of which were in the trade, manufacturing and construction sectors.<\/p>\n \u201cInsufficient job creation has left South Africa\u2019s unskilled or semi-skilled and its youth facing the prospect of long-term joblessness, and they appear ill equipped for a labor market that demands higher skills,\u201d the World Bank said.<\/p>\n More job-intensive growth would help tackle unemployment and create jobs for many new labor-force entrants in the coming 15 years, allowing South Africa to take the first step in harnessing its favorable demographics, the report said.<\/p>\n \u201cBut simply increasing the number of jobs will not be enough to allow South Africa to boost savings and derive the second demographic dividend. More job-intensive growth needs to be accompanied as a first priority by improving the quality of education so that better educated youth are entering the workforce,\u201d it said.<\/p>\n These are the 10 most miserable countries in the world<\/strong>:<\/p>\n SA consumers warned to shop with extreme caution<\/a><\/strong><\/p>\n SA labour market at worst levels since global economic crisis: index<\/a><\/strong><\/p>\n What you need to know about South Africa\u2019s middle class<\/a><\/strong><\/p>\n\n\n
\n #<\/th>\n Country<\/th>\n Reason<\/th>\n<\/tr>\n \n 1<\/td>\n Venezuela<\/td>\n Inflation<\/td>\n<\/tr>\n \n 2<\/td>\n Ukraine<\/td>\n Inflation<\/td>\n<\/tr>\n \n 3<\/td>\n Brazil<\/td>\n GDP Growth<\/td>\n<\/tr>\n \n 4<\/td>\n Argentina<\/td>\n Inflation<\/td>\n<\/tr>\n \n 5<\/strong><\/td>\n South Africa<\/strong><\/td>\n Unemployment<\/strong><\/td>\n<\/tr>\n \n 6<\/td>\n Russia<\/td>\n Interest Rates<\/td>\n<\/tr>\n \n 7<\/td>\n Iran<\/td>\n Interest Rates<\/td>\n<\/tr>\n \n 8<\/td>\n Palestine<\/td>\n Unemployment<\/td>\n<\/tr>\n \n 9<\/td>\n Jamaica<\/td>\n Unemployment<\/td>\n<\/tr>\n \n 10<\/td>\n Serbia<\/td>\n Unemployment<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n More on South Africa<\/h3>\n