Europe's spirit is down, dragging the EU economy with it. With that said, Ukraine and COVID-19 are seemingly to blame.
New research by the Polish Economic Institute (PIE) has shed light on a massive depression epidemic plaguing Europe. The PIE study suggests that the Ukraine crisis and the COVID-19 pandemic have had an adverse effect on public mental health. This, in turn, results in plummeting economic indicators.
"Depression and anxiety are becoming an “epidemic" in modern Europe and economists are already trying to convert this seemingly individual problem into tangible losses for the economies of EU countries," the publication reads.
PIE cites Eurobarometer research results on mental health (Eurobarometer is a collection of cross-country public opinion surveys conducted regularly on behalf of the EU Institutions since 1974). As many as 62 percent of respondents said they personally felt the negative impact of the two global events. Polish media then further elaborates that there is a real economic angle to this.
"In the 27 EU countries and the United Kingdom, the total loss caused by mental health problems exceeds 4.2% of GDP, that is more than 600 billion euros. Over a third of these costs are driven by declining employment rates and lower workplace productivity," the article says.
PIE's takeaway relies on the World Health Organization (WHO). Experts from the WHO say that the return on every dollar invested in treating depression quadruples thanks to the enhanced working capacity among citizens. So, paying to treat depression is really worth it.