There is – as far as we know – no transparent, high-frequency, timely indicator of social unrest with broad and consistent coverage across countries and periods.

Yet data on social unrest are largely unsatisfactory. Without knowing, at the very least, where and when major social unrest events have occurred, it is hard to make progress on such issues. Of course, answering questions about the relationship between social unrest and economic or financial outcomes necessitates data on social unrest. Moreover, disruption stemming from social unrest can have economic consequences, potentially interrupting trade and dissuading investment. For example, increases in taxes and fuel prices were important triggers for recent protests in Lebanon and Iran, respectively.

Such unrest has a natural connection to economic questions, as economic factors may contribute to social unrest. During just the second half of 2019, major protests or other forms of disorder occurred in locations as diverse as Bolivia, Chile, France, Hong Kong, India, Iraq, and Lebanon. Social unrest is a major social issue in many countries across the world.

Figure 17 ep 1