Hong Kong fares worse on a “misery index” compared to many of its Asian neighbors, including mainland China, Taiwan and Singapore, even though the territory is still one of the least miserable places in the world.
According a misery index compiled by Cato Institute, a US-based think tank, Hong Kong had a score of 10.1 on the index, placing it in the 76th rank among 90 countries and regions in the list of most miserable places, Apple Daily reported Friday.
Mainland China, Singapore and Taiwan had scores of 7.9, 6.38 and 6.13 respectively, putting them in the 82nd, 87th and 88th ranks. Higher ranking means better life quality.
The index was calculated by adding up unemployment rate, loan rate, inflation rate and then subtracting it by GDP growth. The higher the index score, the more miserable a place is.
The researchers attributed Hong Kong’s misery to the high cost of borrowing. That said, Hong Kong is less miserable than the United States (ranked 71) and the United Kingdom (62).
Japan is the least miserable place based on the index, with a score of just 5.41. Venezuela topped the list with an index of 79.4.
Cato Institute pointed out that its study showed that the index is also statistically correlated to approval rate of local leadership. The lower the approval rate, the higher the index tends to be.
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