The economic euphoria in India over the last few years, inspired by the country’s seemingly inevitable march toward double-digit growth, has soured. Although still relatively upbeat compared with many other countries, the Indian public’s confidence in their country’s direction and future economic growth has declined significantly.
Add faith in the work ethic and in capitalism to the lengthening list of casualties from the Great Recession. Four years after the Lehman Brothers’ fiasco and the ensuing global economic downturn, the idea that effort in a competitive economy can lead to success is seriously questioned in a number of major economies, including Japan, Russia and Greece, especially among those who have suffered the most.
The economic mood is exceedingly glum around the world. Across the 21 countries surveyed, a median of just 27 percent think their national economy is doing well. Only in China, Germany, Brazil and Turkey do most people report that current national economic conditions are good.