GLOBAL PUBLIC CONFIDENCESTUDY 2023

Report on EconomicConfidence

IRIS NETWORKGLOBAL PUBLIC CONFIDENCESTUDY REPORT 2023

Introductionu

The 2023 IRIS Global Public Confidence Study provides a multi-country view of public sentimentacross the most important issues of the day. The project aimed to understand:1.

Public assessments of the economy and personal finances2.

Levels of confidence and concern about climate change

3.

Perspectives on the state of healthcare systems

uThis report presents results on the economic topics. Separate reports will address views onclimate change, and on health care.

uNearly 18,000 people were surveyed across 26 countries (17,777).

u

Fieldwork was completed online during February, March, and April, 2023.

u

A nationally representative sample of 500 to 1,000 adults was interviewed in each country.

2Participating Countries
To learn more about IRIS and its member companies: https://www.irisnetwork.org/network
Australia

FranceLithuania

South Korea

Austria

GreeceMexicoSpain

BrazilIndia

Netherlands

Switzerland

Indonesia

PanamaTurkeyCanadaIreland

PolandUK

Colombia

Italy

Romania

USAGermany

Japan

Bulgaria31. Executive Summary
2. Overall Outlook
3. Economic Outlook
4. Personal Financial Outlook41. EXECUTIVE SUMMARYExecutive Summaryu

In this late pandemic context, pessimism is widespread. Half or more in 21 of 26 countries believe theircountry in general is heading in the wrong direction. There are a few exceptions: half or more inIndonesia (57%), India (58%), Switzerland (66%), and the Netherlands (67%) think their country isheaded in the right direction. Mexicans are divided: 48% right direction, 46% wrong direction.

uAt least one-quarter in every participating country believe their national economy is in recession. In 11
countries that is a majority view and in Panama, Italy, Greece, Japan, Spain and South Korea, between
six and seven in ten feel that way.

u

Not only do many think they are already in recession, large numbers are also expecting things toworsen. Half overall, including majorities in South Korea, Japan, Greece, Bulgaria, Turkey, the UK,France, Poland, Panama, and Colombia think their national economy is getting weaker.

uThis negative economic sentiment also weighs on assessments of personal finances.

u

Majorities in most countries report having a harder time making ends meet. Strong agreement ishighest in Greece (60%), Panama (53%), Colombia (46%) and France (42%). Only Switzerland reports theopposite.

u

And negative sentiment has an impact on spending, particularly discretionary spending on clothing,dining out and giving to charity, but also on essentials, like food, and in some cases, housing or neededmedications.
62. OVERALL OUTLOOKOverall Outlook
Pessimism is widespread - General view of the country direction

Right28%
Direction 34%

31%
48%

43%

0%

6%

6%

32%

35%
12%

57%
5%

0%

35%
58%
7%

31%
9%

50%

57%

70%

13%

8%
11%

59%
30%

4%
68%

58%

36%

62%

32%

55%

67%

66%

21%

19%

10%
9%

22%

19%

29%

8%
26%

30%

38%

58%

54%

rk
ey
Tu
3%

77%
4%

38%

6%

8%

67%
53%

eBu
lg
ari
Ro aman
ia
Spai
n
Ita
ly

38%

13%

73%

14%

20%

26%
7%

7%
74%

46%

18%

19%

12%

Not Sure 8%

Wrong
66%
Direction 58%

26%

Greec

Braz
il
ColombiaPana
ma
Ja
panAu
stralia
Indonesia
SouthKoIn
rediaaGermanyAu
stria
FranceIrelandLithuaniaPolandNether
Sw la ndsitzer
UK la ndex
icoM

CanadaUSA

Q. In the most general terms, do you feel that [country] as a whole is heading in the right direction or in the wrong
direction?

71%

61%

64%

59%

8

2. ECONOMIC OUTLOOKEconomy in Recession
Almost half of the respondents think their national economy in recession
Q. Thinking about the impact of the current problems in the world economy, do you think: This has already causeda recession in [country] OR It hasn’t caused a recession in [country] yet, but will in the coming months OR [country]
won’t be affected significantly by the world economic situation

On average,48%

Think theircountry isalready inrecession% Thinking current economic
problems have alreadycaused a recession

South Korea
SpainJapan
GreeceItaly
PanamaUK
FranceTurkeyColombia
Romania
Bulgaria
MexicoUSA
Germany
CanadaBrazilLithuania
Netherlands
Austria
PolandIndia
Australia
Switzerland
IrelandIndonesia

29%
28%
26%

51%
50%
49%
46%
44%
41%
41%
39%
36%
35%
35%
35%
34%

62%
62%
60%
59%
57%
57%
55%

70%
69%
68%

10

National Economy
National economy getting stronger vs. getting weaker
Q. In your opinion, is the economy in [country]… getting a lot stronger , getting a little stronger, staying about thesame, getting a little weaker, or getting a lot weaker?

21%

51%

stronger on
average

weaker on
average% a little stronger / a lot stronger% a little weaker/ a lot weaker
Highest in….

Highest in…
India
MexicoIndonesiaBrazilTurkey
USA61%
46%
37%
35%
29%
28%

PolandColombia
South Korea
JapanFrancePanamaBulgaria
UKTurkey

73%
70%
68%
67%
64%
64%
63%
57%
55%
113. PERSONAL FINANCIAL
OUTLOOKHousehold DifficultyHouseholds having a harder time making ends meet (compared to a year ago)
Q. Compared to a year ago, my household is having more difficulty making ends meet (strongly agree, agree,disagree, strongly disagree).

% Strongly Agree / Agree
89%

69%

85% 84% 84% 83%

North America

81% 81% 81% 80%

77% 76% 75%

74% 73% 72% 72% 72%

70% 68% 68%

70%

North Europe

64%

61% 60% 60%

57%

53%
46%

72%

Asia-Pacific75%

Central/South America

USAJapa
Ca nnadaIn
Li diathuania
BNerth az ilerla
In ndsdo
Sw nesiitze arl
andec
Pa enama
Fran
SoceuthKoreBu algaria

Gre

Co UKlomb
Au ia
stral ia
TurkeyPolandIrelandMex
Ge ic orman
Av yerageItalySpa
Ro inmania
Austria78%

South Europe

Base: n500- n1000 per country
13Discretionary Spending Cuts
Q. Which, if any, of the following have you experienced as a result of the current economic situation?

Spending less on clothing

Dining out less

Giving less to charity

72%

71%

48%

averageaverage

Higher in….
PanamaGreeceColombia
FranceUK
Bulgaria
Indonesia

91%
88%86%84%84%82%81%

Lowest in….
Lithuania
Switzerland
India
Turkey48%
50%51%56%

average

Higher in….

Higher in….
Colombia
GreecePanamaUKFrance
Italy
Indonesia

87%
86%85%84%79%79%78%

Lowest in….
SpainIndia
Switzerland
TurkeyUKPanama
Australia
Austria
Ireland
Colombia
Greece70%65%62%60%
60%
59%
57%

Lowest in….
36%
49%
50%
53%

Spain
JapanSouth Korea
Indonesia

3%
24%
24%
25%
14Cuts to Spending on Essentials
Q. Which, if any, of the following have you experienced as a result of the current economic situation?

Spending less on Food

Missing or being late for amortgage payment or rent

51%

19%

averageaverage

Higher in….
71%
67%
66%
65%
65%
63%
63%

Lowest in….
Lithuania
Spain
Switzerland
India

23%

average

Higher in….
PanamaGreeceFranceColombia
NetherlandsUK
Australia

Cutting back on
medication you need

PanamaColombia
GreeceMexicoIndonesia
TurkeyUSA

40%
36%34%34%31%30%29%

Lowest in….
22%
23%
24%
35%

Spain
Switzerland
Lithuania
Japan

Higher in….
PanamaMexicoAustralia
PolandBulgaria
Colombia
India

52%
41%
34%
33%
32%
31%
29%

Lowest in….
1%
2%
4%
5%

Spain
Switzerland
TurkeyAustria

1%
6%
10%
11%
15

Thank you.
IRIS NETWORKGLOBAL ECONOMIC CONFIDENCESTUDY RELEASE 2023