Thailand Ranks First in Bloomberg’s 2016 World’s Happiest Economy Report

Thailand was considered to have the happiest economy in the world among 51 countries based on the ranking by the financial information and global news leader, Bloomberg.

Bloomberg, a firm based on New York, rounded up 15 countries with the happiest economies based on the misery index rating of the 51 countries surveyed. Thailand scored 2.2 on the misery index allowing it to bag the top spot in the happiest economy ranking. The low score is attributed to the low rate of inflation, the lowest in Asia, and 0.6% unemployment in the country.

Given the recent troubles in Thailand’s politics, this rank came as a surprise. The country did live up to its moniker Land of Smiles despite being under martial law owing to last year’s military coup.

Completing Bloomberg’s list, the top 15 countries with the lowest misery index ratings listed in order are as follows:

#1: Thailand

#2: Switzerland

#3: Japan

#4:  South Korea

#5: Taiwan

#6: Denmark

#7: China

#8: United States

#9: Norway

#10: United Kingdom

#11: Austria

#12: New Zealand

#13: Iceland

#14: Malaysia

#15: Germany

According to Bloomberg, it is not surprising why the world’s fourth wealthiest economy ranked second. Based on IMF’s 2015 projections of the GDP per capita, Switzerland is the 4th wealthiest and with a 3.3% unemployment rate and the projected 0.9% decreased in 2015 prices, it ranked second in Bloomberg’s report.

After battling with deflation for a decade, Japan was ranked third with a 1% inflation rate and a 3.5% unemployment rate which was lower compared to the 3.6% unemployment rate last year.

China  bagged the 7th place, two places higher than its previous rank in the economic survey conducted by Bloomberg News owing to its fairly low unemployment and inflation. Just trailing China, the largest economy in the world, the United States, ranked 8th.  Although based on IMF projections, the US will only fall behind Hong Kong and Norway in this year’s GDP per capita, it ranks low on this list due to the persistently high unemployment rates.

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