The latest annual survey by global communications firm Edelman found that people’s hopes for their financial future suffered a “massive collapse” around the world in the past year, with most developed countries seeing economic optimism hit an all-time low.
The 2023 Edelman Trust Barometer, released on Sunday, found that citizens in half of the countries surveyed experienced double-digit declines year-over-year in their belief that their families would be better off five years from now.
“The biggest story is the loss of economic optimism over the last year, even through the pandemic,” Edelman CEO Richard Edelman told FOX Business, calling the decline “significant.”
ALMOST HALF OF THE EU’S POPULATION REPORTS THAT THEIR STANDARD OF LIVING HAS DECREASED, A SURVEY FOUND.
Edelman has implemented its Trust Barometer, providing key insights for employers since 2000. In this year’s survey, economic optimism fell to record lows in 24 of the 28 countries surveyed, including the US (36%), the UK (23%), and Germany (15%). %) and Japan (9%).
No developed country has economic optimism higher than 35%.
The head of the IMF expects to keep the global growth forecast for 2023 stable.
Economic worries were cited as the top concerns among respondents, with 89% saying they were worried about job losses and 74% citing inflation. Sixty-seven percent expressed concern about food shortages, and 66 percent said they were worried about energy shortages.
Edelman called the situation “terrifying,” saying he believes new concerns have been added in the past 12 months on top of the standard concerns people have expressed in years past, such as losing jobs to cars or the effects of climate change.
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“But now we have a cost-of-living crisis,” he told FOX Business. “We have [the threat of] nuclear war. We have gone from social issues to personal issues, so people have really lost confidence.”