Bloomberg has released its latest report of the worlds most miserable economies of 2015. According to the report Venezuela came first as the world’s most miserable economy. Venezuela has been grappling with the negative effects of falling crude oil prices, years of socialist policies and galloping inflation that now stands at 98.3%.

Nigeria did not make this list of miserable economies and should be a relief for the embattled CBN Governor who has come under intense criticism for his monetary policies. However, while Nigeria escaped the list South Africa was named as the third most miserable economy in the world. South African President Jacob Zuma has come under local and international criticism for his handling of the economy and the increase of corruption in the country. The South African rand has fallen sharply against the dollar and was one of the worst performing currencies in the world last year. No other African country was on that list.

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