Bloomberg Index: Singapore has maintained 2nd position for being the least miserable country in the world.
Bloomberg Index: Singapore has maintained 2nd position for being the least miserable country in the world.
Singaporeans are known for being big complainers. We manifest signs of unhappiness that can be seen through regular complaints, from MRT-breakdowns to high cost of living and more recently, news on the surge in water prices that has left the majority of Singaporeans displeased. So this begs the question: Is Singapore really one of the least miserable countries in the world?
The 2017 Misery Index considered 65 countries– excluding those with no inflation and/or unemployment data. Singapore maintained 2nd place behind its neighboring country, Thailand. The Republic had a score of 3.1, falling short of claiming the top spot held by Thailand 3 years and running with a score of 2.6.
The Misery Index
While Singaporeans may express feelings of unhappiness, the findings of the survey were heavily misinterpreted. The Bloomberg’s Misery Index did not consider how Singaporeans feel. Contrary to popular belief, ‘misery’ in this case does not refer to the emotions a country’s inhabitants feel, but rather a measure of economic performance. A higher score signifies more ‘misery’. Singapore’s low score of 3.1 reflects a healthier economy, and hence, is a less miserable country. A high or increasing inflation and the unemployment rate will negatively impact the economy. So, Singapore’s low score is actually good news for our economy.
So how it is actually calculated?
The “misery index” was created by economist Arthur Okun and refers to forecasts for a country’s rate of inflation and unemployment. To calculate the current “misery index”, add the current unemployment rate with the current rate of inflation.
Misery Index = Unemployment Rate + Rate of Inflation
What Singaporeans have to say
Since the article was published, a number of skeptical Singaporeans have responded, many disagreeing with the survey’s findings. A few have taken to the Facebook comments section to express their views:
Given the misleading name of the ‘misery index’, it’s easy to see why many Singaporeans were quick to misinterpret the meaning of the survey.