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Economic optimism has “collapsed” globally, the survey shows




The latest annual survey by global communications firm Edelman found that people’s hopes for their economic future have suffered a “massive collapse” worldwide over the past year, with most developed nations seeing economic optimism hit an all-time low -hour.

The Edelman Trust Barometer for 2023, released on Sunday, found that residents in half of the countries surveyed saw double-digit year-over-year declines in their belief that their families would be better off in five years.

“The biggest story is the loss of economic optimism over the past year, even through the pandemic,”[ads1]; Edelman CEO Richard Edelman told FOX Business in an interview, calling the drop “significant.”

Economic optimism has “collapsed” globally, the survey shows

Members of the public sit on benches near a playground in Hong Kong, China, Thursday, Dec. 29, 2022. (Photographer: Lam Yik/Bloomberg via Getty Images / Getty Images)

NEARLY HALF OF POPULATION IN EUROPEAN UNION RAPIER LIVING STANDARDS HAVE DECLINED, SURVEY

Edelman has conducted its confidence barometer, which has provided key insights for employers since 2000. In this year’s poll, economic optimism fell to record lows in 24 of the 28 countries surveyed, including the US (36%), UK (23%), Germany (15) %) and Japan (9%).

G7 flag

Flags of (from left) Germany, Canada, France, Italy, Japan, the United Kingdom, the United States and the European Union are displayed at a G7 foreign ministers’ meeting at the town hall in northwest Germany on November 3, 2022. (Photo by WOLFGANG RATTAY/POOL/AFP via Getty Images / Getty Images)

Not a single developed country has economic optimism above 35%.

IMF CHIEF EXPECTS TO KEEP 2023 GLOBAL GROWTH FORECAST STABLE

Economic anxiety was cited among respondents’ biggest fears, with 89% saying they were worried about job losses, and 74% saying inflation. 67 percent expressed concern about food shortages, and 66 percent said they were worried about energy shortages.

Richard Edelman

Edelman CEO Richard Edelman attends the 2017 Cannes Lions Festival on June 20, 2017 in Cannes, France. ((Photo by Francois G. Durand/Getty Images) / Getty Images)

Edelman called the situation “horrendous” and said he believes new concerns have been added in the past 12 months on top of standard concerns people have expressed in recent years, such as losing jobs to machines or the impact 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 things moving from societal issues to personal issues, so people have really lost confidence.”



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