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Why Singapore, Thailand are among the world’s ‘happiest’ economies

Singapore and Thailand ranked among the world’s “least miserable” economies in an annual index compiled by a Johns Hopkins University economist, who said Southeast Asia…

By Samantha Johnson / May 1, 2026
Singapore and Thailand ranked among the world’s “least miserable” economies in an annual index compiled by a Johns Hopkins University economist, who said Southeast Asia was one of the “healthiest economic neighbourhoods” in the world.

The 2025 Hanke’s Annual Misery Index (HAMI), compiled by applied economics professor Steve Hanke, measures the “economic temperature” of a country and seeks to approximate how its average citizen experiences the economy.

This year’s HAMI found that several Southeast Asian economies had a combination of low inflation, steady employment, manageable borrowing costs and income growth – leaving households feeling less economic strain.

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“Think of HAMI as a thermometer pressed against the body of the economy,” Hanke said.

A vendor prepares her displays as she opens up for business at Mahanak Market in Bangkok on April 20. Photo: AFP
A vendor prepares her displays as she opens up for business at Mahanak Market in Bangkok on April 20. Photo: AFP

The index looks at four attributes, adding unemployment, inflation and bank-lending rates then subtracting the growth rate of real gross domestic product.

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