Canada has been rated the sixth most miserable country to live in among advanced global economies according to a new study by the Fraser Institute.
The ranking, which weighed Canada against the International Monetary Fund’s 35 most affluent nations, was largely driven by high inflation rates and growing unemployment nationwide.
“Canadians are rightly concerned about the country’s high inflation and unemployment rates, and when compared to other developed countries, Canada is not doing well,” said Fraser Institute executive vice-president and report co-author Jason Clements.
Canada scored 10.88 on the “Misery Index”, a ranking system developed by American economist Arthur Okun.
Among the countries that scored higher than Canada were Spain (17.61), Greece (15.73), Italy (11.96) and Iceland (11.26).
According to the latest Statistics Canada data, inflation has reached an 18-year-high in Canada, with the country’s Consumer Price Index reporting a rate of 4.7%.
“The fact that we are again discussing the Misery Index and Canada’s high ranking on it is bad news for all Canadians, who will suffer as a result,” said Clemens.
“Governments across Canada, particularly the federal government, should prioritize those policies that will make Canadians less miserable by lowering inflation and unemployment.”
Meanwhile, the US scored considerably higher on the index, scoring in at 9.72.
A recent report by the MNP Consumer Debt Index found that half of Canadians were struggling with their personal finances and paying off debt.
According to the consumer report, 43% of Canadians said that they were having trouble paying off debts while 45% had concerns about meeting their living expenses.
In response to the economic situation, the Conservatives have recently called for Commons Finance Committee hearings into Canada’s ballooning inflation levels.
“We have an emergency in this country,” said Conservative Finance Critic Pierre Poilievre. “And it is that our economy has become a gigantic inflated balloon.”