Singapore secured the second position on the Hanke’s Annual Misery Index 2025, trailing only Taiwan. The index, created by Professor Steve Hanke, assesses the economic health of 178 economies based on unemployment, inflation, bank lending rates, and GDP growth. Venezuela, Sudan, and Turkey are at the bottom of the list.
Singapore has secured the second position on the Hanke’s Annual Misery Index for 2025, a ranking that assesses the economic health of 178 economies worldwide.
The index, compiled by Professor Steve Hanke of Johns Hopkins University, a renowned economist often referred to as the “money doctor,” utilizes a formula incorporating unemployment rates, inflation, bank lending rates, and real GDP per capita growth. Taiwan topped the list with a score of 2.1159, marking its second consecutive year in the leading position, largely attributed to its robust economic performance and low unemployment.
Singapore followed closely with a score of 2.5939, where the bank lending rate was identified as the primary factor influencing its ranking. Thailand, Ireland, and Côte d’Ivoire rounded out the top five, demonstrating a concentration of relatively healthy economies in Asia and Europe. The index provides a comparative snapshot of economic conditions, highlighting both successes and challenges across the globe.
Professor Hanke’s methodology offers a unique perspective on economic well-being, moving beyond traditional metrics to capture a more holistic view of economic “misery. ” The index’s calculation—summing unemployment (multiplied by two), inflation, and bank lending rates, then subtracting real GDP per capita growth—provides a quantifiable measure of economic strain. Taiwan’s success is deeply rooted in the global demand for its semiconductor and artificial intelligence hardware, fueling a substantial 9.2% growth in real GDP per capita.
Coupled with low unemployment (3.3%) and inflation (1.3%), and a bank lending rate of 3.3%, Taiwan presents a compelling case of economic resilience. Singapore’s performance, as noted by Professor Hanke, is characterized by near-full employment (2.0%), stable inflation (1.2%), and a solid GDP growth rate of 4.3% per capita. This consistent economic stability positions Singapore as a frequent contender among the world’s most economically sound nations.
The index also reveals a stark contrast at the lower end of the spectrum, with Turkey, Sudan, and Venezuela occupying the bottom three positions. Venezuela’s exceptionally high score of 556.4916, the highest ever recorded on the index, underscores the severity of its economic crisis. Professor Hanke attributes this to a “collapsing” economy exacerbated by the 2024 elections, which resulted in Nicolás Maduro’s continued leadership, international sanctions impacting oil revenues, and a dramatic devaluation of its currency.
The recent political developments, specifically the forced removal of Mr. Maduro on January 3rd, introduce a degree of uncertainty regarding Venezuela’s future economic trajectory. The Hanke’s Misery Index serves as a valuable tool for policymakers, investors, and analysts seeking to understand the relative economic health of different countries. It provides a data-driven assessment that complements traditional economic indicators, offering a nuanced perspective on global economic conditions.
The index’s focus on factors directly impacting citizens’ financial well-being—such as unemployment and inflation—makes it a particularly relevant measure of economic hardship. The continued monitoring of these indices is crucial for identifying emerging economic risks and opportunities, and for formulating effective policies to promote sustainable economic growth and stability. The index highlights the importance of sound economic management, stable political environments, and access to global markets in fostering economic prosperity
Singapore Taiwan Hanke’S Misery Index Economics Inflation Unemployment GDP Venezuela Economic Health Bank Lending Rates
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