Trust in institutions, stronger in developing countries than in developed ones

In today's world, factors such as polarization, misinformation, scandals, economic instability and inequality have led to the deterioration of people's trust in institutions such as government and the media. But in some countries, trust is slowly returning, according to an analysis carried out by the Edelman Trust Institute, taken over by visualcapitalist.com.

According to the cited source, during the pandemic, trust in politicians was particularly affected, with 63% of the respondents to an Ipsos survey considering that politicians are not trustworthy.

The Edelman Trust Index 2024 survey was conducted on a sample of more than 32,000 respondents from 28 countries and indicates the change in the level of trust compared to 2023. The trust index shows the average percentage of trust in NGOs, business, government and media .

• Asian countries are becoming more and more confident

Globally, trust in institutions increased by one percentage point, from 55% last year, to 56% in 2024, according to the mentioned survey.

With an average index of 63%, developing countries have much more trust in institutions than developed countries, which have an average of 49%. Most of the Asian countries included in the survey saw increases in trust index scores, including South Korea, India, Thailand, Malaysia, Singapore and Japan. China and Indonesia were the only Asian countries whose populations became less confident in 2024.

South Korea saw the biggest increase of all 28 countries surveyed, with its trust index increasing by 7 percentage points from 2023 (to 43%).

Overall, the Edelman Trust Institute survey found that governments are seen as far less ethical and competent than companies.

• The lowest degree of trust in the UK

British citizens have the world's lowest level of trust in their country's institutions, with an index of just 39 (out of 100, respectively 39%), but this is not surprising given the near-constant changes at the top of government and other tumultuous events recent, notes 247wallst.com, citing the Edelman survey. In 2022 alone, a new monarch and three prime ministers were installed (along with top ministerial changes).

At the end of 2023, the British economy went into recession, and in the recent election, voters ousted the Conservative Party, which had held power for 14 years, and elected the Labor Party. In the UK, only 30% of respondents trust the government.

The US figures are slightly better than in the UK, but Americans still lack trust in institutions, with a trust score of 46 out of 100, down from 48 last year. While only 53% of Americans they trust the business environment, a considerably smaller percentage of 40% trust the government and only 39% trust the media.

In general, it appears that citizens of less democratic countries tend to have more trust in their countries' institutions, especially governments. In fact, China has the highest trust among its citizens, with a score of 79 out of 100, and trust in the government is 85%. Similarly, the United Arab Emirates and Saudi Arabia score 74% and 72% respectively, with their governments trusted by 84% and 86% of citizens respectively.

Trust in institutions, public and otherwise, can stimulate economic growth as it fuels investment, innovation and trade, among other things. Even though, globally, trust has increased from 55% to 56%, very few liberal democracies enjoy trust, most of which are plagued by the distrust of their own citizens. So far, the 2024 elections have sent shockwaves across several countries, and the upcoming ones are likely to bring more surprises.