Before Meltdown, G7 Countries Expressed Econo...

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Oc t ober 2 9 , 2 0 0 8

Before Crisis, G7 Countries Expressed Economic Worry
Dev elopin g c ou n t r ies ex pr essed fa r less c on c er n by Ia n T . Br ow n W A SH ING T ON, D. C . -- Ev en befor e t h e on set of w or ldw ide st oc k m a r k et v ola t ilit y in Sept em ber 2 0 0 8 , G a llu p fou n d r espon den t s liv in g in G 7 c ou n t r ies (Ca n a da , Fr a n c e, G er m a n y , It a ly , Ja pa n , t h e Un it ed Kin g dom , a n d t h e Un it ed St a t es) t o be m or e pessim ist ic a bou t t h eir loc a l ec on om ic c on dit ion s t h a n r espon den t s liv in g in ot h er c ou n t r ies su r v ey ed. Respon den t s liv in g in G 7 c ou n t r ies w er e a lso fa r m or e pessim ist ic a bou t loc a l ec on om ic c on dit ion s t h a n r espon den t s liv in g in t h e dev elopin g BRIC c ou n t r ies (Br a zil, Ru ssia , In dia , a n d Ch in a ).

Respon den t s liv in g in t h e G 7 c ou n t r ies w er e fa r m or e lik ely t o sa y t h eir loc a l ec on om y w a s g et t in g w or se (m edia n of 4 8 % ) t h a n r espon den t s liv in g in t h e 1 1 2 c ou n t r ies su r v ey ed (g loba l m edia n of 2 8 % ). For t h e sa m e qu est ion , r espon den t s in t h e BRIC c ou n t r ies w er e m or e lik ely t o sa y t h eir loc a l ec on om y w a s g et t in g bet t er (m edia n of 5 3 % ) w h en c om pa r ed w it h c it izen s liv in g in ot h er c ou n t r ies (g loba l m edia n of 4 0 % ).

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Before Meltdown, G7 Countries Expressed Econo...

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T h e U.S. h ou sin g m a r k et c r a sh , a n d t h e h ist or ic a lly h ig h for ec losu r e r a t es it t r ig g er ed, bec a m e in t er n a t ion a l n ew s in Ma r c h 2 0 0 7 . By A u g u st 2 0 0 7 , t h e U. S. Feder a l Reser v e Sy st em , t h e Eu r opea n Cen t r a l Ba n k , a n d t h e Ba n k of Ja pa n st a r t ed su pply in g fu n ds t o t h eir r espec t iv e ba n k in g m a r k et s t o bu t t r ess sec u r it y -ba c k ed a sset s. G a llu p Polls sh ow t h a t c it izen s in dev eloped c ou n t r ies w er e ex per ien c in g ec on om ic u n c er t a in t y in 2 0 0 7 a n d ea r ly 2 0 0 8 . In t er m s of loc a l job m a r k et s, a m edia n of a lm ost t w o-t h ir ds (6 3 % ) of r espon den t s in t h e G 7 c ou n t r ies sa id it w a s a ba d t im e t o look for w or k . A g a in , r esu lt s fr om t h e BRIC c ou n t r ies w er e less pessim ist ic , w it h a m edia n of ju st 5 0 % of r espon den t s sa y in g it w a s a ba d t im e t o fin d a job. On ly a m edia n of on e-qu a r t er of t h ose su r v ey ed in t h e G 7 c ou n t r ies sa id it w a s a g ood t im e t o

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Before Meltdown, G7 Countries Expressed Econo...

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fin d a job.

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Before Meltdown, G7 Countries Expressed Econo...

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Boom i n t h e BRICs The Ec o no m is t's pr ojec t ion for t h e BRIC c ou n t r ies' a v er a g e ec on om ic g r ow t h for 2 0 0 7 a n d 2 0 0 8 (8 % a n d 1 3 % , r espec t iv ely ), w h ic h dw a r fs g r ow t h pr ojec t ion s for t h e G 7 (2 % a n d 1 % r espec t iv ely ), m a y h elp ex pla in t h e m or e posit iv e a t t it u des in t h e BRIC n a t ion s. In t h e BRIC c ou n t r ies, a m edia n of 3 9 % of r espon den t s sa id it w a s a g ood t im e t o fin d a job. BRIC r esiden t s w er e a lso m or e lik ely t o sa y t h eir st a n da r d of liv in g w a s g et t in g bet t er or st a y in g t h e sa m e (m edia n of 8 5 % ) t h a n w er e t h ose su r v ey ed in t h e G 7 c ou n t r ies (m edia n of 5 3 % ) or r espon den t s liv in g in 1 1 4 c ou n t r ies su r v ey ed (g loba l m edia n of 7 2 % ).

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Before Meltdown, G7 Countries Expressed Econo...

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Before Meltdown, G7 Countries Expressed Econo...

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Fa ci n g a n Un cer t a i n Fu t u r e Follow in g t h e g loba l fin a n c ia l c r ises in r ec en t w eek s, a t t it u des h a v e lik ely c h a n g ed for t h e w or se a r ou n d t h e w or ld, m ost n ot a bly in c ou n t r ies h a r dest h it by st oc k m a r k et dr ops. H ow ev er , a s t h e G a llu p da t a sh ow , w idespr ea d n eg a t iv it y did n ot fir st su r fa c e follow in g r ec en t ev en t s. In t h e w a k e of 2 0 0 7 's su bpr im e m or t g a g e c r isis, g loba l a t t it u des a r ou n d t h e dev eloped w or ld w er e a lr ea dy n a v ig a t in g c h oppy ec on om ic w a t er s. Su r v ey Met h ods Resu lt s a r e ba sed on t eleph on e a n d fa c e-t o-fa c e in t er v iew s w it h a t lea st 4 0 2 a du lt s, a g ed 1 5 a n d older , in 1 1 4 c ou n t r ies c on du c t ed bet w een 2 0 0 7 a n d 2 0 0 8 . For r esu lt s ba sed on t h e t ot a l sa m ple of n a t ion a l a du lt s, on e c a n sa y w it h 9 5 % c on fiden c e t h a t t h e m a x im u m m a r g in of sa m plin g er r or is ±3 per c en t a g e poin t s. In a ddit ion t o sa m plin g er r or , qu est ion w or din g a n d pr a c t ic a l diffic u lt ies in c on du c t in g su r v ey s c a n in t r odu c e er r or or bia s in t o t h e fin din g s of pu blic opin ion polls.
Cop y r i gh t © 2009 Gal l u p , In c . A l l r i gh t s r eser v ed. Gal l u p ® , A 8™ , Bu si n ess Imp ac t A n al y si s ™ , CE 11® , Cl i f t on St r en gt h sF i n der ® , t h e 34 Cl i f t on St r e n gt h sFi n der t h eme n ames, Cu st omer En gagemen t In dex ™ , Dr op Cl u b ® , Emot i on al Ec on omy ™ , Emp l oy ee En gagemen t In dex ™ , Emp l oy ee Ou t l ook In dex ™ , Fol l ow Th i s Pat h ™ , Gal l u p Br ai n ® , Gal l u p Con su l t i n g ® , Gal l u p Man agemen t Jou r n al ® , GMJ ® , Gal l u p Pr ess ® , Gal l u p Pu b l i sh i n g ™ , Gal l u p Tu esday Br i ef i n g ® , Gal l u p U n i v er si t y ® , H u man Si gma ® , I 10™ , L3™ , Pr i n c i p al In si gh t ™ , Q 12® , SE 25™ , SF 34® , SR I ® , St r en gt h s Sp ot l i gh t ™ , St r en gt h s-Based Sel l i n g ™ , St r en gt h sCoac h ™ , St r en gt h sFi n der ® , St r en gt h sQu est ™ , Teac h er In si gh t ™ , Th e Gal l u p Pat h ® , an d Th e Gal l u p Pol l ® ar e t r ademar k s of Gal l u p , In c . A l l ot h er t r ademar k s ar e t h e p r op er t y of t h ei r r esp ec t i v e ow n er s. Th ese mat e r i al s ar e p r ov i ded f or n on c ommer c i al , p er son al u se on l y . R ep r odu c t i on p r oh i b i t ed w i t h ou t t h e e x p r ess p er mi ssi on of Gal l u p , In c .

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