Toronto 
Canada ranks 6th most miserable country among 35 advanced economies worldwide due to higher inflation and higher unemployment, says a Fraser Institute Study based on Misery Index.
Fraser Institute
The Misery Index, a sum of inflation and unemployment rates was created by economist Arthur Okun to determine how the average citizen is doing economically.
In 2021, Canada’s Misery Index score was 10.88 – a combination of Canada’s inflation rate of 3.15 and the unemployment rate of 7.72.
According to the report, Spain is the most miserable among the 35 advanced economies worldwide with a Misery Index score of 17.61. The other 4 countries more miserable than Canada are Greece, Italy, Iceland and Sweden.
Fraser Institute
France, the United States, Australia and the United Kingdom fare much better than Canada with lower a Misery Index.
The least miserable countries with the lowest index scores are Switzerland (3.57) and Japan (2.61).
Fraser Institute
Though inflation rates were above 4 percent up until 1992, Canadians have enjoyed low inflation rates, ranging from near zero to under 3 percent from 1992 to 2020.
Fraser Institute in its study says Misery Index which was prominent in policy discussions in the 1970s and 1980s when both inflation and unemployment remained high in many western countries, is resurfacing as a measure of interest due to real worries about the rise of these two economic indicators.
“The fact that we are again discussing the Misery Index and Canada’s high ranking on it is bad news for all Canadians, who will suffer as a result,” said Jason Clements, executive vice president of the Fraser Institute and co-author of the study. “Governments across Canada, particularly the federal government, should prioritize those policies that will make Canadians less miserable by lowering inflation and unemployment.”
The detailed study report is given here.
