Well, as it turns out, the country known as “the Land of Smiles” is truly that.
Yes, Thailand is, according to the Misery Index, the happiest place in the world. At least as far as the strength of the job market and cost of living is concerned.
The index is prepared by Bloomberg and is used as a way to determine how a nation’s average citizen fares economically. It is arrived at by adding the seasonally adjusted unemployment rate and the annual inflation rate.
It is assumed that higher unemployment numbers, coupled with rising inflation, results in worsening economic and social problems.
The problems created by poor economic numbers (unemployment, higher prices for staple items) create a plethora of issues for people/families in those nations. When job opportunities decrease (or disappear), individuals and families have less money for food, housing, clothing, education, or savings. If things are relatively expensive, similar issues arise.
Thailand’s job market and inflation rates are currently working in a way that makes employment opportunities more available, while keeping goods and services relatively affordable.
As rated by the index, Thailand scored 1.11 percent. A lower score on the index is favorable. Of the 74 economies rated, Thailand’s score was the lowest.
Other Asian economies were rated just behind Thailand. Singapore was second with a score of 1.40 percent. Japan’s 2.70 percent came in third. Rounding out the top five lowest scores are Switzerland and Iceland.
China came in at 23rd.