Malaysia ranked 14 among the world’s 15 happiest economies.
This is based on Bloomberg’s calculation of the “misery index.” This index measures a country’s inflation and unemployment rate to determine the level of happiness or misery among its occupants. Malaysia scored remarkably low (lower score, less misery).
Bloomberg’s interviews with economists established two primary causes for “economic misery”: unemployment and inflation. With a comparatively low unemployment rate of 2.7%, Malaysia outperformed its regional and international counterparts in terms of consumer happiness.
However, Malaysia ranked 31st (out of 51 countries) on the Gross Domestic Product (GDP) per-capita calculation, which means that Malaysia will soon reach the living standard of developed nations. Still, ultimately ranked as the 14th lowest on the misery index has placed Malaysia’s inhabitants at a better economic standing than those living in Germany, Hong Kong, and Australia; countries considered to be economic powerhouses.
The findings revealed that there is no necessary correlation between GDP per-capita and consumer happiness. To further reinforce this point: Thailand seized the top spot as the country with the happiest economy, despite being ranked 44th on the GDP per-capita.
Source: Bloomberg Business