Less than four-in-ten (37 percent) believe their country’s economic situation will improve by the spring of 2014.
While Syria looks to dominate discussions at the G20 summit, there are increased concerns about the economic futures of the participating countries, according to Pew Research.
G20, or the Group of Twenty, was founded in 1999 in the wake of the 1997-98 financial crisis. It is “the premier forum for international cooperation on the most important issues of the global economic and financial agenda,” according to its website.
The G20 nations gathering in St. Petersburg, Russia, for the annual summit comprise advanced and emerging market economies. They include: Argentina; Australia; Brazil; Canada; China; European Union; France; Germany; India; Indonesia; Italy; Japan; Mexico, Russia; Saudi Arabia; South Africa; South Korea; Turkey; United Kingdom; United States. These countries represent 90 percent of the global GDP and comprise 80 percent of international global trade.
At this year’s summit, which will be held Sept. 5 and 6., economic issues are likely to be overshadowed by the turmoil in Syria and United States president Barack Obama’s efforts to rally international support for a military strike against that nation for its alleged use of chemical weapons against rebel forces.
But back in their respective countries, bleak views of the economy prevail. Two-thirds of the world’s population lives in the G20 countries, and the people in the participating nations have a decidedly downbeat view of their economic futures, Pew finds. Less than four-in-ten (37 percent) believe their country’s economic situation will improve by the spring of 2014.
A median of only 39 percent said that their children would grow up to be better off than their parents.
People in two of the BRIC nations, China and Brazil, express the most optimism about their country’s financial futures, with 80 percent and 79 percent, respectively, believing their economies will improve by next Spring. Conversely, people in France and Italy are the most negative about their respective country’s economic prospects.
Indonesians, South Koreans, Russians and Argentines are more sanguine about their children’s futures than they are about the immediate economic prospects for their country.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.