Each year, the Edelman Trust Barometer provides insight into how much trust individuals have in different systems of power.
The survey is also an excellent instrument for gauging global sentiment—and when it comes to how people in developed economies feel about the near future, the answer is very clear: negative. Indeed, in the majority of nations examined, respondents' confidence about their economic prospects decreased.
The following chart summarizes how many respondents in 28 countries believe they and their family will improve in the next five years. Or, to put it another way, what proportion of individuals feel positive about their economic prospects?
Interestingly, nine nations (those marked with a tick above) are polling at all-time lows for economic confidence.
Which Glass is Half-Full?
The most gloomy responses were from Japan, with just 15% anticipating favorable economic prospects in the short future. Only 18% of French respondents expressed economic optimism.
While the majority of developed economies are slightly more optimistic than Japan and France, they are all still significantly below the global average.
As tensions between China and the United States continue to escalate in 2022, one thing that unites residents in both nations is a broad sense that economic prospects are deteriorating. As the United States prepares for midterm elections and China has its 20th National Party Congress, authorities in both nations will undoubtedly be thinking about the economy.
Which Individual's Glass is Half-Full?
Of course, not everywhere is the mood for doom and gloom. The United Arab Emirates' population's economic prospects improved by six percentage points (p.p.).
Indonesia had an 11 percent gain, while the overall level of confidence remains relatively high in large emerging countries such as Brazil and India.
It's unsurprising that individuals in emerging countries are more positive about their economic future in certain aspects. In many of these nations, living standards are growing, and as the economy improves, more possibilities become available. Even in South Africa, the most gloomy African nation studied, the majority of individuals anticipate their conditions improving in the near future. In Kenya and Nigeria, the vast majority of people are hopeful.
Experts agreed on one main forecast for the next year: economic results would begin to fluctuate across nations with varying levels of vaccination availability.
While this seems to have had little effect on economic optimism so far this year, it remains to be seen how this will play out as the year develops.
Source: 2022 Edelman Trust Barometer