In Pursuit of Happiness? Try Bulgaria, Says Moody's
From Wall Street Journal (Blog)
By Joe Parkinson
Hit harder in GDP terms by the financial crisis than any region on earth, citizens from across Central and Eastern Europe can, and often do, regale you with tales of economic woe.
But a new index published Wednesday says financial misery will be spread as unevenly across the ex-communist states this year as it was in 2009 — while optimism will be found in some surprising places.
According to Moody’ s ‘Misery Index,’ which adds projections of fiscal deficits to unemployment numbers as a measure of economic gloom, the least miserable of the 23 states ranked will be (drum roll)… Bulgaria.
Slammed by the financial crisis and enduring spending cuts from a center-right government determined to balance 2010’s budget, this may come as a surprise for many in the EU’s poorest member state. But Moody’s says expectations of a negligible 2010 budget deficit combined with predictions of a jobless rate below 10% will see the EU newcomer even less downbeat than super-rich Switzerland next year, where real economy indicators have fared far better than the European average.
Less curious is the plight of Baltic economies Latvia and Lithuania. Suffering from emergency budget cuts and double-digit GDP contractions their citizens are tipped to be almost three times as miserable the Bulgarians - and were only pipped to the inglorious title ‘most miserable’ by fallen-star Spain, where mushrooming dole queues are making it all but impossible to crack a smile.
The report, which is published in an appendix of Moody’s closely-watched Sovereign Risk report, ranks Slovakia, Estonia, Poland and Hungary towards the middle of the table — less miserable than the UK, US and crisis-ridden Greece but more downbeat than the Bulgaria, Switzerland and the Czech Republic, central Europe’s most upbeat performer.
The prediction that Ukraine — propped up by emergency IMF money and facing a potentially destabilizing national election later this month — will see a less miserable 2010 than any CEE economy bar Bulgaria appears to show a weakness in Moody’s methodology.
But the index also reinforces how varied the experience of the region has been, despite some analysts’ insistence of bundling together economies from the Baltics to the Black Sea under the label Eastern Europe.
- » Al Jazeera: Bulgaria Struggling to Cope with Mideast Refugee Influx
- » Pipes Still Arriving, As Bulgaria Says South Stream is ‘Frozen’
- » South Stream Could Consider ‘Plan B’, Russian Journalist Says
- » Sofia’s Latest Move to Halt South Stream “Could Be More Serious”
- » Forbes: 'The Bulgarian Banking Disaster'
- » FT: Corpbank’s Bond Default Dents Bulgaria’s Credibility
Nellie, you wrote to the some times confused Kraut: "But what can you expect from a festering pillock who had the bad taste to marry a Bulgarian slut? What's the matter, German boy? Too ugly and stupid to get a nice German wife?"
You are a Bulgarian slut yourself. As such, you are probably a hot cookie with a lot of resources. Is that, that bad?
" Oh, and just a little hint: Wall Street Journal is neither the Pope nor the Central Committee of the BKP, so I am entitled to have a different opinion. Got that?"
Got it loud and clear.
You are a liberal douche bag Eurotrash. The Wall Street Journal is THE economic authority in the world and the rest of the world agrees with me. But what can you expect from a festering pillock who had the bad taste to marry a Bulgarian slut? What's the matter, German boy? Too ugly and stupid to get a nice German wife? Are your kids hanging out in Chalga bordellos yet? Don't worry, they will. Loser!
Listen moron I don’t give a damn who you really are. You are a dimwit who likes to stir up some shait at Bulgarian foreign language forums, probably then to use it for some even sleazier bulshait. What I was saying is that WSJ and Moody’s opinions hold more water than your poor observation, and I bet your brown spot underpants you don’t have a clue how people live in North Korea (and what it takes to do so). You are a privileged moron who thinks that Bulgaria starts with Stalin (or GULag), and ends with Jeleva’s EP hearing. Just retarded!!!! I am sure you believe in the positive effect the colonizing power brings to the conquered nation, and other imperial and Nazi halve wisdom.
you keep on barking. Ok then:
“Moody’s and Wall Street Journal, two of the most respected financial and economic data and analysis provides worldwide are telling you otherwise.”
Now you surprise even me. Until now I thought your problem is only your pathological inferiority complex. Now I see that you are also a foreigner in the land of intelligence.
Let me explain, although it is self-evident: I didn’t doubt the accuracy of the data, did I? I doubted that this instrument ‘Misery Index’ is useful for anything, like – as the name says – indicate the ‘misery’ in a country.
According to that index, ‘misery’ in Europe is worst in Spain, whereas the situation is the best in…Bulgaria! Come on, I bet even YOU don’t believe that. Or are you really that dense?
I remember to have seen an index here (it was deleted later because Novinite forgot to pay the royalties to the owner) which wanted to make us believe that North Korea has quite decent living conditions and ranks somewhere in the middle of all nations regarding the quality of life. North Korea, where millions of people are dying from starvation and which is under the rule of a paranoid dictator. A country which is like a big GULag, and in this table it was better than many countries in which you can really live quite decently.
It was this kind of nonsensical table with which we are fed here that I am opposed to.
Oh, and just a little hint: Wall Street Journal is neither the Pope nor the Central Committee of the BKP, so I am entitled to have a different opinion. Got that?
As for this remark:
“Oh, and by the way you are not a doctor Dr. Faust!”
Clearly I feel pity for you, man. Find a good shrink and with twenty years of treatment you may become a useful member of the society. Your obsession to slam everyone who has achieved a higher academic grade than you is embarrassing!
And by the way, DrFaust is my nic, not my name. Maybe you can try to find out who that was, since your education was not good enough. Contrary to some other people here, I am not constantly bragging with my education, but you brought that topic into the discussion. You have no idea to whom you are talking to, otherwise you feel ashamed for yourself.
This 'Misery Index' does not really help a lot to explain anything. First of all, it just adds two rates (unemployment, budget deficit), like adding apples and peaches. Second, unemployment rates and even the budget deficit are not based on a single and unified definition all over Europe, but their statistical definition varies a lot from country to country. In Bulgaria for example, the real unemployment is much higher than the statistical unemployment. A few countries are known for manipulating their statistics since many years (for example Greece). So I don't really see for what such a table would be valuable.