Thailand tops the world’s happiest economy in 2016

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Bloomberg, the global business and financial information and news leader, has given Thailand the world's happiest economy among 51 countries surveyed.

The ranking by the New York-based financial software, data, and media company, was welcomed by government spokesman Maj Gen Sansern Kaewkamnerd who said later that the prime minister was informed of the survey and felt satisfied with it.

Bloomberg has come up with the 15 happiest economies, who scored lowest on the misery index of the 51 countries surveyed.

It stated that Thailand has a low rate of unemployment and inflation and misery Index at 2.2 points.

The ranking was seen as a surprise, given Thailand’s recent political troubles.

Thailand is still under martial law after last year’s military coup but the Land of Smiles manages to live up to its moniker.

With an unemployment rate of just 0.6 per cent and one of the lowest inflation rates in Asia, Thailand has received the lowest score on the misery index, and therefore the top spot on Bloomberg’s happiest list.

The NNT reported that government spokesman Maj Gen Sansern said Prime Minister Prayut Chan-o-cha has felt satisfied with the Bloomberg report and the performances of government agencies in containing the inflation rate and admired the cooperation with the private sector and people who contributed to the improvement of the Thai economy.

Coming after Thailand in the list if 15 happiest economies are Switzerland, Japan, South Korea, Taiwan, Denmark, China, United States, Norway, United Kingdom, Austria, New Zealand, Iceland, Malaysia, and Germany respectively.

Bloomberg said it may be unsurprising that the fourth-wealthiest economy in the world is also the second-happiest. Switzerland placed fourth in the IMF’s projections of GDP per capita in 2015, and comes in second on this list based on its low unemployment rate at 3.3 per cent, as well as its projected 0.9 per cent drop in prices in 2015.

For Japan, Bloomberg survey said emerging from a decades-long battle with deflation, Japan has found itself in third place with a projected inflation rate of 1 per cent and unemployment rate of 3.5 per cent for 2015, down from last year’s 3.6 per cent.

As for China, it said with fairly low inflation and unemployment, the emerging giant of Asia has moved up two places to the seventh-happiest of the 51 economies surveyed by Bloomberg News.

The United States came just behind China in eighth place, the world’s largest economy will fall behind only Norway and Hong Kong in GDP per capita this year according to International Monetary Fund (IMF) projections, but is held back on this list by its continuing high rate of unemployment.