Chinese most optimistic about economy: report

It's no secret that people aren't enthused about the state of the world's economy, but a new study uncovers some surprising - and some not so surprising - attitudes that add light and shading to the impressions most of us have. As American author and humorist Mark Twain once put it, "Facts are stubborn things, but statistics are pliable."

And some of the study's findings may give Chinese President Xi Jinping and US President Barack Obama a few things to talk about when they meet on June 7 and June 8.

Citizens of emerging market countries - like China, Chile and Indonesia - are more pleased with their countries' economy than people in advanced economies - like the US, UK and Canada - or in developing economies like Kenya, Pakistan or Ghana.

The findings are in a study just released by the Pew Research Center called the Global Attitudes Project that also found that while people "around the world are decidedly unhappy about their nations' economies", most people say their personal finances are in better shape than their country's.

The survey of people in 39 nations found that few are optimistic about this year, but that people in emerging markets appear to have weathered the recent economic downturn more easily than others around the world.

Respondents in China led the list of the most optimistic about their country's economy with 88 percent, up six percentage points from 2007. By contrast, the percentage of US citizens who think their economy is good is at 33 percent, down 17 percentage points from 2007.

As for optimism over the year ahead, China again tops the list with 80 percent saying their economy will improve over the next 12 months, followed closely by 79 percent of Brazilians.

In emerging markets, 53 percent of people said their nation's economy was doing well, compared to 33 percent in developing countries and 24 percent in advanced countries, where, the study says, "attitudes are particularly grim". In France, for instance, only 9 percent think things are good, a mere 4 percent in Spain, 3 percent in Italy and 1 percent in Greece.

This compared to positive attitudes in Malaysia of 85 percent, up 9 percentage points from five years ago. In the same period Turkey's positive attitude climbed seven percentage points from 46 to 53 percent and Indonesians went from 23 to 37 percent. Mexico dropped from 51 percent to 38.

Among advanced economies, attitudes have soured the most in Spain (down 61 percentage points) and Britain (down 54 percentage points). Among developing nations, attitudes dropped most steeply among Pakistanis (down 42 points) and Egyptians (down 30).

A common concern for all of the 37,653 respondents surveyed was economic inequalities. Majorities in all countries believe the economic system favors the wealthy and the financial crisis that has unfolded over the past five years has widened the gap between rich and poor. And that attitude, the study finds, is most prevalent among people living in advanced economies

"At least half in most countries say the wealth gap is 'a very big problem in their nation,'" according to the study, "with the developing economies expressing especially high levels of anxiety."

More than half of respondents in three countries - Australia (51 percent), Venezuela (53 percent) and Malaysia (56 percent) - think the economic system in their country is fair to rich and poor alike.

Despite concerns over the broadening gap between the haves and the have-nots, nearly every group surveyed said they want their governments to focus as their No 1 priority on either creating jobs or taming inflation, rather than narrowing the divide.

"The culprits for these widespread economic woes are both lack of employment opportunities and rising prices," the study says.

People in general are also skeptical about the hopes for the next generation to move up. Fewer than half the people in 25 of the 39 nations surveyed believe their children will be better off financially than their parents' generation.

Following China on respondents saying their economy will improve over the next 12 months, was Brazil with 79 percent. Leading optimists among the developing economies are Senegal (69 percent) and Nigeria (66 percent).

Among US citizens surveyed, 44 percent expect things to improve in the next year, 33 percent say things will get worse. Only 2 percent of the Chinese surveyed think the economy will worsen in the year ahead.