Driven by precipitous drops in countries in the heart of the eurozone economic crisis, trust in business fell three points globally to 53 percent. Spain, France, and Germany, down by 21, 20, and 18 points respectively, weren’t the only mature economies moving squarely into the distruster category. South Korea recorded a 15-point drop in trust in business.
In the majority of countries, trust in business held steady, with several countries in Asia staying well above 50 percent—Indonesia, Singapore and India. The U.S., however, was among the countries were trust did not go above the 50-percent mark.
China was the lone country to see a significant boost in trust in business, rising from 61 to 71 percent. The uptick could be attributed to the profitability of state-owned enterprises and the growth of the country’s auto industry, which is now the largest in the world.
Despite the fact that in all but one of the countries surveyed (Singapore), government leaders are less trusted than their business counterparts to tell the truth, nearly half of global respondents still want more government regulation of business.
The regulations they are calling for however, are changes business can step up and implement on its own. Business has the means to act with speed and dexterity to right its own ship, while maintaining the ability to be a force for good and an engine for profit.