Richard Edelman on Trust during the COVID-19 Pandemic
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Bibliographic details
- Authors: Richard Edelman
- Published: June 1, 2020
Overview and purpose
- Opinion piece by Richard Edelman, CEO of Edelman, based on the 2020 Trust Barometer and the 2020 Edelman Trust Barometer Special Report: Trust and the Coronavirus.
- Describes how the coronavirus pandemic has affected public trust in key institutions and urges coordinated action by institutions to rebuild trust.
- Notes that "Opinions expressed in articles and other materials are those of the authors; they do not necessarily reflect IMF policy."
Survey evidence and methodology
- The 2020 Edelman Trust Barometer Spring Update: Trust and the Covid-19 Pandemic was conducted by Edelman Intelligence between April 15 and April 23.
- The survey covered more than 13,200 respondents in 11 markets: Canada, China, France, Germany, India, Japan, Mexico, Saudi Arabia, S. Korea, U.K. and U.S.
- Purpose: to examine what impact the pandemic has had on trust in institutions, business and government leaders, experts and other organizations since January.
Key findings and diagnosis
- "Trust is at rock bottom, and we must urgently restore it."
- The impact of the pandemic on trust was substantial.
- Before COVID-19, many countries had strong economic performance and nearly full employment, yet the 2020 Edelman Trust Barometer—published in January—showed that globally people do not trust any institution to do what is right.
- Five seismic events over the past 20 years significantly altered people’s trust: concerns about globalization, the Iraq War, the global recession of 2008–09, the rise of China and India, and the advent of social networks.
- The second decade brought:
- a trust divide between elites and the general population, and
- government failure to lead change.
- Disinformation and fear became rife.
- COVID-19 is characterized as "the new decade’s first jolt to the system," reaffirming the lack of trust in institutions by triggering financial market volatility and anger over slow or inadequate government responses.
Recommended institutional roles and responses
- Institutions have a duty to outperform expectations and rebuild public confidence.
- Specific roles recommended:
- Government must demonstrate its competence in responding to the crisis.
- Media must be an objective arbiter of the facts.
- Business can provide necessary products and reliable information.
- NGOs must help develop a vaccine and ensure its fair distribution.
- Collective recommendation: "This is the time for institutions to work together, laying the groundwork for a new era of trust."
International Monetary Fund, F&D Magazine feature by Richard Edelman (based on the 2020 Edelman Trust Barometer and related Special Report).
Content in this bundle
- تأمل معي
- La confianza es esencial ● Finanzas y Desarrollo ● Junio de 2020
- Richard Edelman on Trust during the COVID-19 Pandemic – IMF F&D
- 信任是当务之急 - 图表释义 - 《金融与发展》 2020年6月号 - 国际货币基金组织季刊