The 15 most miserable countries in the world

For the third year in the row, Venezuela is the most miserable nation in the world according to analysis published by the Cato Institute.

The institute's annual Misery Index ranks nations based on data from the Economist Intelligence Unit (EIU). The rankings, which are compiled by Johns Hopkins University Professor Steve H. Hanke, follow a simple a formula.

A nation's 'misery' can be calculated by summing unemployment, inflation, and bank lending rates, minus real GDP's percentage change.

Over the past year, Venezuela's misery has skyrocketed.

In 2014, it was the most miserable nation with an index rating of 106.3. In 2015, Venezuela's Misery Index score rose all the way to 214.9. Ukraine was the second most miserable country on earth, rising from fourth in 2014.

War-torn Syria is not featured on the index, as Hanke only calculated scores for countries with current 2015 data from the EIU.

Hanke noted in an article he sent to Business Insider that countries with misery scores over 20 are "ripe for reform."