Steve Hanke, professor of Applied Economics at Johns Hopkins University, compiles the Annual Misery Index (HAMI).

It is the sum of unemployment (multiplied by two), inflation, and bank-lending rates, minus the annual percentage change in real GDP per capita.

According to the index, Zimbabwe is the "most miserable", ahead of Venezuela, Syria and Lebanon.

Hanke said Zimbabwe's battles with inflation were the cause of its ranking.

"Zimbabwe has suffered endemic inflation since the Mugabe era, including two episodes of hyperinflation, in which the inflation rate (a component of the HAMI), exceeded 50% per month for 30 or more days," Hanke said.

"Last year didn't deliver much better, with annual inflation at 243.8%, and lending rates following suit at 131.8%"

Switzerland was "happiest" of the 157 nations on the list, followed by Kuwait and Ireland.

New Zealand came in at 104th. In 2021 it was 151st out of 156 nations.

Its lending rate was highlighted as the major factory influencing its ranking.