A New Report Says Canada Is One Of The Most Miserable Countries In The World
Canadians are more miserable than residents in many other developed countries.👇😭
If you've been feeling a little miserable lately, it might not just be the January blues that are getting you down.
According to a report from the Fraser Institute published on Tuesday, January 18, Canada has the 6th worst Misery Index score in comparison to 35 other developed countries, which is measured through a combination of inflation and unemployment rates.
"In 2021, inflation rates increased markedly and are expected to remain at their current level throughout 2022," the report said of Canada.
"While many argue the current inflation rates are transitory, meaning that they are short-term in nature, there are genuine reasons to worry that higher inflation could be longer lasting."
Governments across Canada, particularly the federal government, should prioritize those policies that will make Canadians less miserable by lowering inflation and unemployment.\n\nFind out how other countries fared: https://www.fraserinstitute.org/studies/misery-index-returns?utm_source=Facebook-and-Twitter&utm_campaign=Misery-Index-Returns&utm_medium=Social&utm_content=Learn_More&utm_term=550\u00a0\u2026pic.twitter.com/NQXdjtzpAu— The Fraser Institute (@The Fraser Institute) 1642532401
The report notes that The International Monetary Fund forecasts Canada to have the 4th highest inflation rate among 35 industrialized countries in 2021 and the 8th highest unemployment rate.
"The combination of Canada’s high inflation rate and its relatively high unemployment rate mean that Canada—and more importantly Canadians—are suffering from a comparatively high Misery Index, which should be a focus of concern for government policy," says the report.
According to an annual report from Statistics Canada, released on January 19, the Consumer Price Index rose 3.4% on an annual average basis in 2021, which marked the fastest pace since 1991.
Canadian motorists paid about 31% more at the pump annually in 2021 and the cost of many staple grocery items like bacon, fresh fruit, and bread also rose.
As for the rest of the countries in the Misery Index, the unenviable top five spots go to Spain, Greece, Italy, Iceland and Sweden, respectively.
After Canada in sixth place, rounding out the top 10 spots are Estonia, Latvia, France and Finland. The U.S. came in at the 11th spot on the list.
Chin up, folks!
This article's cover image was used for illustrative purposes only.