The Impact of War on Happiness: the Case of Ukraine
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On June 14, Maksim Obrizan, a Professor of the Kiev School of Economics, gave a presentation entitled “The Impact of War on Happiness: The Case of Ukraine” at ISET. According to Mr. Obrizan, his work was influenced by cases and papers described in Frey and Stutzer (2002) and Stutzer and Frey (2012), and the impact of wars according to Blattman and Miguel (2010). This has become a particularly poignant topic for Professor Orbizan, as more than 100 Ukrainian soldiers have committed suicide since coming off the front line in the ongoing war against Russian-backed separatists. Previous papers on war and happiness suggest that in 44 countries, the intensity of the war reduces happiness (Welsh 2008).
Back on Track: Positive Economic Sentiments Aligned with Stronger Growth Prospects
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On June 15, 2016, ISET held a press-conference to discuss recent economic indicators of Georgia. In the second quarter of 2016, the two most important economic barometers of consumer and business sentiment in Georgia – the Business Confidence Index (BCI) and the Consumer Confidence Index (CCI) continued to steadily improve.
In terms of business sentiment, the second quarter increase in the index was mostly driven by a significant improvement in actual business performance. Q2 results extend the rally in business expectations which was triggered by the appointment of Giorgi Kvirikasvhili as Georgian PM (see, BCI Q1, 2016).
Overall, the BCI gained 10 points (on a [-100/100 scale]) compared to Q1 2016. The expectations of the private sector in Georgia improved and reached 46 index points (up from 38 points in Q1). Business performance over the past three months increased significantly and became positive, rising from -0.7 to 19.7, indicating a rise in production/turnover/sales. The performance of the past three months alongside improved expectations thus maintained the overall BCI at a stable, optimistic level and trend.
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