Globalization questioned by almost half of those surveyed, with many advocating for trade barriers
Decline in trust and ambivalence likely a symptom exacerbated by the COVID-19 pandemic
For fair outcomes, governments need to work with local officials to create policies related to the environment, jobs and tax, expert says
Public perception of globalization has declined over the past two years, with almost half unsure of its benefits and more than one-third advocating for trade barriers.
Findings from the latest World Economic Forum/Ipsos market survey of almost 20,000 people in 25 countries show a mix of polarization and ambivalence about free trade, globalization, and protectionist policies.
Trends show 75% of those surveyed agreeing that expanding trade is a good thing, yet almost 40% believe there should be more trade barriers to limit imports of foreign goods and services. Notably, 36% are neutral or have no option.
Sean Doherty, Head of International Trade and Investment at the World Economic Forum said: “International trade and investment can grow economies, reduce poverty, improve healthcare and empower people worldwide. However, changes caused by trade can be disruptive and painful, and can sometimes undermine local reforms. The seeming contradiction in survey results is understandable: people want more of the good and less of the bad of globalization. To grow the gains and achieve fair outcomes for all, governments need to listen to local priorities and work together on policies related to the environment, jobs, tax, the digital economy and other issues which reach across borders.”
www.weforum.org