The Canadian Bazaar
TORONTO: Canada’s highest inflation rate of 4.8 percent since 1991 and rising unemployment rates have made it the sixth most miserable country among 35 developed nations.
According to a study – The Misery Index Returns – by Vancouver-based Fraser Institute, which claims itself be a non-partisan, independent think tank, Canada’s inflation rate has increased and looks set to remain at an elevated level for the immediate future.
“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,” says the study.
Among the 35 most advanced economies, Canada has the 6th worst Misery Index score in 2021 of 10.88 – a combination of Canada’s inflation rate of 4.8 and unemployment rate of 7.72.
Only five countries are more miserable than Canada. Spain is the worst with a Misery Index score of 17.61, followed by Greece (15.73), Italy (11.96) and Iceland (11.26).
Among the countries which are less miserable than Canada are France (10.10), the US (9.72), Australia (7.33) and Britain (7.17).
The least miserable countries with the lowest index scores are Switzerland (3.57) and Japan (2.61).
“Canadians are rightly concerned about the country’s high inflation and unemployment rates, and when compared to other developed countries, Canada is not doing well,” says Jason Clements, executive vice president of the Fraser Institute and study co-author.
“The fact that we are again discussing the Misery Index and Canada’s high ranking, it is bad news for all Canadians, who will suffer as a result,” says Clemens.
“Governments across Canada, particularly the federal government, should prioritize those policies that will make Canadians less miserable by lowering inflation and unemployment.”
