The famous American economist Steve Hanke revealed that Cuba is in ninth place among the most miserable countries in the world, according to the Hanke annual misery index for 2022.
The index, created by the economist, takes into account factors such as unemployment and inflation in a country to quantify the “misery” that exists in a geographical area, and has placed the Island among the worst on the planet, surpassed only by Zimbabwe, Venezuela, Syria, Lebanon, Sudan, Argentina, Yemen and Ukraine.
“It comes as no surprise to anyone that the communist utopia is the ninth most miserable country in the world,” he said.
In #Cubadisastrous economic policies have left the country in shambles. It’s no wonder why the Communist utopia is the NINTH-MOST MISERABLE COUNTRY in the world according to the Hanke 2022 Annual Misery Index. pic.twitter.com/1RPDbfCO4p
— Steve Hanke (@steve_hanke) May 23, 2023
According to the expert, Cuba’s biggest problem is inflation, which, according to his calculations, has a rate of 96.8%.
In his opinion, the mismanagement of the Castro government destroyed the Cuban peso (CUP), which has lost more than half of its value in the last year.
“Since January 2022, the Cuban peso has lost 63% of its value against the USD. Cuba ranks fourth on Hanke’s Currency Watchlist this week. The communist regime has destroyed the value of the Cuban peso,” the economist said last week on social media.
Since Jan 2022, the Cuban peso has lost 63% of its value against the USD. #Cuba is in 4th place in this week’s Hanke’s #CurrencyWatchlist. The Communist regime has destroyed the value of the Cuban peso. pic.twitter.com/4j1x4twquK
— Steve Hanke (@steve_hanke) May 18, 2023
The alarming inflation that exists in Cuba directly affects the purchasing power of its citizens, because while their salaries remain the same, the price of every object or service on the Island continues to increase, making life in the country more difficult.
The Hanke Misery Index, also known as the Hanke Economic Misery Index, is a measure developed by the economist to assess the severity of the economic situation of a specific country.
This index uses the unemployment rate and the inflation rate of a country to obtain a measure of the economic “misery” experienced by the population of a geographic area.
The resulting values provide a numerical measure of a country’s economic “misery,” with higher values indicating a more severe situation for a nation’s citizens.
