An Analysis of Economic Growth and Happiness in the Western Balkans
Session
Management Business and Economics
Description
This research addresses the critical dynamics between economic growth, and happiness within the context of the Western Balkans. While regional policy has long focused on GDP growth, this study investigates whether economic progress from 2007 to 2024 has translated into improved happiness for its citizens. Using a quantitative methodology, the study analyzes the interaction between macroeconomic indicators and happiness indices, drawing on comprehensive data from the World Happiness Report, the OECD, The World Bank, and Human Development reports. The study pursues four primary objectives: 1) to examine the relationship between GDP and happiness and determine if the Easterlin paradox holds in the Western Balkans; 2) to assess the impact of institutional factors on economic development; 3) to investigate the role of social factors in promoting economic growth. Framed by insights from the OECD Well-Being Framework and the Human Development Index (HDI), and supplemented by data from the Gallup Happiness Report, this analysis aims to shed light on the profound implications of welfare economics on development policy. The findings are intended to offer evidence-based guidance for policymakers, advocating for a more holistic approach that integrates well-being metrics into economic strategies to foster sustainable and meaningful growth in the region.
Keywords:
Economic indicators, happiness, wellbeing, Easterlin paradox, institutional quality, Western Balkan countries
Proceedings Editor
Edmond Hajrizi
ISBN
978-9951-982-41-2
Location
UBT Lipjan, Kosovo
Start Date
25-10-2025 9:00 AM
End Date
26-10-2025 6:00 PM
DOI
10.33107/ubt-ic.2025.414
Recommended Citation
Beka, Elirjeta and Lubishtani, Ermal, "An Analysis of Economic Growth and Happiness in the Western Balkans" (2025). UBT International Conference. 29.
https://knowledgecenter.ubt-uni.net/conference/2025UBTIC/MBE/29
An Analysis of Economic Growth and Happiness in the Western Balkans
UBT Lipjan, Kosovo
This research addresses the critical dynamics between economic growth, and happiness within the context of the Western Balkans. While regional policy has long focused on GDP growth, this study investigates whether economic progress from 2007 to 2024 has translated into improved happiness for its citizens. Using a quantitative methodology, the study analyzes the interaction between macroeconomic indicators and happiness indices, drawing on comprehensive data from the World Happiness Report, the OECD, The World Bank, and Human Development reports. The study pursues four primary objectives: 1) to examine the relationship between GDP and happiness and determine if the Easterlin paradox holds in the Western Balkans; 2) to assess the impact of institutional factors on economic development; 3) to investigate the role of social factors in promoting economic growth. Framed by insights from the OECD Well-Being Framework and the Human Development Index (HDI), and supplemented by data from the Gallup Happiness Report, this analysis aims to shed light on the profound implications of welfare economics on development policy. The findings are intended to offer evidence-based guidance for policymakers, advocating for a more holistic approach that integrates well-being metrics into economic strategies to foster sustainable and meaningful growth in the region.