Global Downturn s Heavy Toll

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1 Global Downturn s Heavy Toll Bruce Stokes Director, Global Economic Attitudes Pew Research Center June 2013

2 Spring 2013 Pew Global Attitudes Survey Economic Sentiment 2

3 Crisis Soured Economic Views % Say economy is good Advanced Emerging Developing Median based only on those countries surveyed in both 2007 and

4 OECD Sentiment Has Collapsed % Economy is good Change Spain % % Britain Italy Czech Rep France U.S Canada Poland Israel Japan Germany S. Korea Australia Greece Median* *Median based only on those countries surveyed in both 2007 and

5 Emerging Markets Mood Mixed % Economy is good Change % % Mexico Russia China Turkey Malaysia Chile Indonesia Brazil S. Africa Median* *Median based only on those countries surveyed in both 2007 and

6 Developing Countries Negative % Economy is good Change % % Pakistan Egypt Ghana Jordan Kenya Lebanon Uganda Palest. ter Philippines Bolivia Senegal El Salvador Nigeria Tunisia Median* *Median based only on those countries surveyed in both 2007 and

7 Two Futures Medians for Over the next 12 months, the economy will Improve Remain the same Worsen % % % Advanced Emerging Developing

8 OECD Countries Very Pessimistic Over the next 12 months, national economic conditions will U.S. Japan S. Korea Australia Canada Israel Germany Spain Britain Italy Czech Rep. Poland Greece France Improve Remain the same Worsen

9 Emerging Economies Upbeat Over the next 12 months, national economic conditions will Improve Remain the same Worsen China Brazil Malaysia Mexico S. Africa Chile Turkey Indonesia Russia

10 Developing Economies Mixed Senegal Nigeria Ghana Kenya Philippines Tunisia El Salvador Uganda Bolivia Egypt Jordan Palest. ter. Pakistan Lebanon Over the next 12 months, national economic conditions will Improve Remain the same Worsen

11 OECD Expect Children Worse Off S. Korea Israel Australia U.S. Czech Rep. Germany Spain Canada Poland Greece Britain Japan Italy France Children will be than parents Worse off Better off 11

12 But Most in EM Have High Hopes China Brazil Chile Malaysia Venezuela Indonesia Argentina Mexico Russia S. Africa Turkey Children will be than parents Worse off Better off

13 As Do Some in Dev. Countries Nigeria Ghana Philippines Kenya Bolivia Senegal Tunisia Pakistan El Salvador Uganda Jordan Lebanon Palest. ter. Egypt Children will be than parents Worse off Better off 13

14 Spring 2013 Pew Global Attitudes Survey Challenges and Policy Options 14

15 Jobs and Prices Top Concerns Median % Very big problem Lack of job opportunities Rising prices Rich-poor gap Public debt % % % % Advanced Emerging Developing

16 Advanced Economies Want Jobs % Very big problem Rising prices Lack of jobs Rich-poor gap Public debt % % % % U.S Canada Britain France Germany Italy Spain Greece Poland Czech Rep Israel Australia Japan S. Korea

17 Inequality a Global Problem Medians for System favors wealthy* Rich-poor gap Has increased past 5 years Is a very big problem % % % Advanced Emerging Developing *Data not available for China. 17

18 U.S. Less Worried Than Most Greece Italy Spain S. Korea France Poland Czech Rep. Germany Israel Britain U.S. Canada Japan Australia % Very big problem

19 Economic System Favors Wealthy Greece Spain Italy S. Korea Poland Israel Czech Rep. Germany France Britain Japan U.S. Canada Australia Fair to most Favors the wealthy 19

20 Unemployment and Inflation Highest Gov t. Priorities Median % who say government should address first Lack of employment opportunities Rising prices Richpoor gap Public debt % % % % Advanced Emerging Developing

21 OECD: Jobs First Gov t. Priority Lack of jobs Rising prices Public debt % % % Spain Italy Czech Rep Poland Greece Japan France Britain U.S S. Korea Australia Canada Israel Germany Only statistically significant majorities or pluralities are in bold. 21

22 Spring 2013 Pew Global Attitudes Survey Europe s Severe Crisis 22

23 Only Germans Positive About Economy % Good 100 Germany Britain France Spain Poland

24 Biggest Economic Problems % Very big problem Lack of jobs Public debt Rising prices Rich-poor gap Median percentages for Britain, France, Germany, Italy, Spain, Greece, Poland and the Czech Republic. 24

25 Most Important Issue to Address Jobs % Public debt Rich - poor gap Rising prices All equally important/ None/Other ( Vol ) % % % % Britain France Germany Italy Spain Greece Poland Czech Rep MEDIAN

26 Publics Support Spending Cuts Reduce public debt Stimulate economy Greece Poland Britain Italy Spain Germany Czech Rep. France What is the best way for the government to solve our country s economic problems- to spend more money to stimulate the economy OR to reduce government spending to reduce the public debt? 26

27 Faith in EU Waning 100 Favorable of EU Economic integration strengthened economy Median percentages for Britain, France, Germany, Spain and Poland. 27

28 Young Losing Confidence Among year olds % Favorable of EU % Economic integration strengthened economy Change % % Spain France Czech Rep Britain Germany Poland Italy Greece Fall Change % %

29 Little Interest in Giving Brussels More Power To deal with Europe's economic problems, would you favor or oppose giving more decision-making power to the EU? Germany Italy Spain France Poland Czech Rep. Greece Britain Oppose Favor

30 British Split on EU Membership Remain in EU 46% Leave EU 46% DK 8% 30

31 Declining Faith in Leadership 31

32 Yet Support for Euro Strong Greece Spain Germany Italy France Return to own currency* Keep Euro *In France, asked about franc. In Germany, asked about mark. In Italy, asked about lira. In Spain, asked about peseta. In Greece, asked about drachma. 32

33 All Pew Global Attitudes Project reports and data are available online at 33

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