GLOBAL MISERY INDEX (GMI)

About:

• American economist Steve Hanke of Johns Hopkins University, an applied economist has popularised the GMI concept. He has ranked India a measly 44 out of 95 countries on GMI.
  
  
• The benchmark index measures people’s “misery score” instead of the conventional gross domestic product (GDP).
  
  
• Methodology:
  • It is based on the three parameters namely unemployment rate, inflation rate and lending rate.
    
    
  • To calculate misery index, the annualised growth of GDP is subtracted from the sum total of these three rates. That gives a score which really defines how miserable people living in a particular geography are.