Infographic: What People Think of Globalization, by Country
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What People Think of Globalization, by Country

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What People think of Globalization, by Country

What People Think of Globalization, by Country

View the high resolution version of today’s graphic by clicking here.

More than in the past, the population is divided on whether globalization is a force for good or not.

In the aftermath of events like Brexit and the Trump election, it’s clear that there’s a growing movement of people that are skeptical about wider integration into the global economy and foreign cultures. While this countervailing force has always existed, only recently has it become powerful enough to change the outcomes of key elections and referendums.

But how big is this contingent of the population, and how does it differ in size from country to country?

The Survey

Today’s infographic from Raconteur highlights survey data on the topic of globalization for 19 countries.

The survey, published by YouGov just under a year ago, covers international trade, foreign direct investment, and the impact of immigration. Here is the highest level data, which focuses on globalization in general.

Question: “Overall, do you think globalization is a force for good or bad for the world?”

CountryForce for goodForce for badDon't know
United Kingdom46%19%36%
France37%37%26%
Finland56%18%27%
Denmark68%15%17%
Norway49%23%27%
Sweden63%20%18%
Germany60%20%20%
Australia48%22%29%
Hong Kong63%21%16%
Indonesia72%13%15%
Malaysia73%10%17%
Philippines85%7%8%
Singapore71%12%17%
Thailand76%12%12%
Vietnam91%4%5%
United States40%27%33%
India83%7%10%
UAE69%13%18%
Saudi Arabia48%18%35%

Note: get the data for all questions directly from YouGov here.

Differing Perspectives

Interestingly, support for globalization ranges from 37% (France) all the way to 91% (Vietnam), representing a very diverse array of attitudes towards the topic.

Based on these 19 countries, at least, the places that feel the most positive about globalization tend to be emerging markets such as the Philippines (85%), India (83%), and Indonesia (72%). These are countries where the pie is getting bigger at a rapid rate, as economies expand from access to increased global capital and trade.

The countries that seem the most skeptical seem to be more developed economically. In the United States, only 40% of respondents saw globalization as a force for good, while 27% saw it as a force for bad and a large portion of the population wasn’t sure (33%). The U.K. and Australia have similar numbers, with the aforementioned France having the lowest portion of respondents saying globalization is a force for good.

Though it’s true that these developed countries are showing skepticism, it’s also clear that the Western world is very split on the topic. European countries like Germany (60%), Denmark (68%), Sweden (63%), and Finland (56%) all saw a majority of respondents in favor of globalization.

This split in opinion is hard to reconcile, and it’s likely part of the reason that so many investors remain focused on geopolitical risk in the current environment.

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Mapped: 2023 Inflation Forecasts by Country

Inflation surged on a global scale in 2022, hitting record-level highs in many countries. Could it finally subside in 2023?

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2023 Inflation

Mapped: 2023 Inflation Forecasts by Country

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Inflation surged on a global scale in 2022, hitting record-level highs in many countries. Could it finally subside in 2023?

In the above infographic, we look to answer that question using the World Economic Outlook report by the International Monetary Fund (IMF).

Not Yet Out of the Woods

While the IMF predicts that global inflation peaked in late 2022, rates in 2023 are expected to remain higher than usual in many parts of the world. Following the 8.8% global inflation rate in 2022, the IMF forecasts a 6.6% rate for 2023 and 4.3% rate for 2024 based on their most recent January 2023 update.

For the optimists, the good news is that the double-digit inflation that characterized nearly half the world in 2022 is expected to be less prevalent this year. For the pessimists, on the other hand, looking at countries like Zimbabwe, Venezuela, Turkey, and Poland may suggest that we are far from out of the woods on a global scale.

Here are the countries with the highest forecasted inflation rates in 2023.

Country / RegionProjected Annual Inflation % Change 2023
🇿🇼 Zimbabwe204.6%
🇻🇪 Venezuela195.0%
🇸🇩 Sudan76.9%
🇦🇷 Argentina76.1%
🇹🇷 Turkiye51.2%
🇮🇷 Islamic Republic of Iran40.0%
🇱🇰 Sri Lanka29.5%
🇪🇹 Ethiopia28.6%
🇸🇷 Suriname27.2%
🇸🇱 Sierra Leone26.8%
🇸🇸 South Sudan21.7%
🇭🇹 Haiti21.2%
🇬🇭 Ghana20.9%
🇵🇰 Pakistan19.9%
🇳🇬 Nigeria17.3%
🇾🇪 Yemen17.1%
🇲🇼 Malawi16.5%
🇵🇱 Poland14.3%
🇲🇩 Moldova13.8%
🇲🇲 Myanmar13.3%
🇭🇺 Hungary13.3%
🇧🇾 Belarus13.1%
🇰🇬 Kyrgyz Republic12.4%
🇬🇳 Guinea12.2%
🇲🇳 Mongolia12.2%
🇪🇬 Egypt12.0%
🇦🇴 Angola11.8%
🇰🇿 Kazakhstan11.3%
🇸🇹 São Tomé and Príncipe11.2%
🇷🇴 Romania11.0%
🇺🇿 Uzbekistan10.8%
🇦🇿 Azerbaijan10.8%
🇹🇲 Turkmenistan10.5%
🇸🇰 Slovak Republic10.1%
🇨🇬 Democratic Republic of the Congo9.8%
🇿🇲 Zambia9.6%
🇪🇪 Estonia9.5%
🇲🇪 Montenegro9.2%
🇧🇩 Bangladesh9.1%
🇬🇧 United Kingdom9.0%

While the above countries fight to sustain their purchasing power, some parts of the world are expected to continue faring exceptionally well against the backdrop of a widespread cost-of-living crisis. Many Asian countries, notably Japan, Taiwan, and China, are all predicted to see inflation lower than 3% in the upcoming year.

When it comes to low inflation, Japan in particular stands out. With strict price controls, negative interest rates, and an aging population, the country is expected to see an inflation rate of just 1.4% in 2023.

Inflation Drivers

While rising food and energy prices accounted for much of the inflation we saw in 2022, the IMF’s World Economic Outlook highlights that core inflation, which excludes food, energy, transport and housing prices, is now also a major driving factor in high inflation rates around the world.

Drivers of Inflation
What makes up core inflation exactly? In this case, it would include things like supply chain cost pressures and the effects of high energy prices slowly trickling down into numerous industries and trends in the labor market, such as the availability of jobs and rising wages. As these macroeconomic factors play out throughout 2023, each can have an effect on inflation.

The Russia-Ukraine conflict and the lingering effects of the COVID-19 pandemic are also still at play in this year’s inflation forecasts. While the latter mainly played out in China in 2022, the possible resurgence of new variants continues to threaten economic recovery worldwide, and the war persists in leaving a mark internationally.

The confluence of macroeconomic factors currently at play is unlike what we’ve seen in a long time. Though the expertise of forecasters can give us a general understanding, how they will actually play out is for us to wait and see.

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