Here's where the UK ranks among the world's happiest economies

Guy Bentley
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Britain makes the top ten of world's happiest economies (Source: Getty)

While many in the UK are still waiting to see a real increase in their living standards after years of stagnating wages, mediocre growth and high taxes things may not be as dreary as they seem.

According to Bloomberg's misery index the UK is one of best economies in the world. With plummeting unemployment and low inflation, Britain's consumers have good reason to be optimistic.

Out of the 15 happiest economies in the world, the UK comes in at a respectable 10th place. Economists at Bloomberg News surveyed 51 countries in total to create the index. Thailand tops the chart in part thanks to its rock bottom unemployment rate of one per cent.

(Source: Bloomberg)

In February, the Office for National Statistics released figured showing the UK's unemployment rate tumbled to 5.7 per cent between October and December. Wage growth jumped to its highest since 2013 to 2.1 per cent including bonuses.

As the debate over living standards rages on there is an increasing amount of evidence to suggest consumers are becoming more bullish on the economy. Last week, new figures from German market research company GFK showed consumer confidence is at pre-recession levels.

On the other side of the coin, Bloomberg also showed the world's 15 most miserable economies. Venezuela came first place with room to spare.

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