Northern Cyprus ranks 9th in global poverty index for 2024

Former Turkish Cypriot Undersecretary of the Ministry of Energy and Economy, Erkan Okandan, announced that according to world-renowned economist Steve Hanke’s Misery Index, the Turkish Republic of Northern Cyprus (TRNC) ranked 9th worst in the world in 2024 with a score of 107.39.

In a social media post, Okandan emphasized that high inflation, credit interest rates, and low real growth were the main factors behind this result.

Hanke’s Calculation Method

The Misery Index is calculated with the following formula:

(Unemployment rate x 2 + Inflation + Lending interest rate) – Real GDP growth

Okandan shared the TRNC’s 2024 figures as follows:

• Unemployment: 4.9%

• Inflation: 53.29%

• Lending interest rate: 47.5%

• Real GDP growth: 3.2%

He also noted that lending rates in the free market are above 50%, suggesting that the TRNC’s misery index score may in fact be over 110.

TRNC Among the World’s Top 10 Worst Economies

According to Hanke’s 2024 Misery Index, the top 10 countries and their main economic troubles are:

1. Venezuela – Hyperinflation

2. Sudan – Hyperinflation, civil war

3. Argentina – Currency crisis, high interest rates

4. Syria – War, economic collapse

5. Yemen – Humanitarian crisis, low growth

6. Turkey – High inflation, high interest rates

7. Zimbabwe – Chronic inflation, low growth

8. Lebanon – Banking crisis, high unemployment

9. TRNC – Unemployment, high inflation and interest rates, low growth

10. Malawi – Low growth, high interest rates

“How Did You Achieve This?”

In his remarks, Okandan criticized government officials, stating: “You have claimed to have governed the country with stability for six years. So how did you manage to put the TRNC on this list?”

He added that the country’s economic indicators speak for themselves, stressing that what truly matters is the political will and determination to take the necessary steps.