A global survey conducted by Edelman revealed that only 40% of people expect that they will be "better off" in the next five years, a significant 10% drop from last year's numbers.

The predictions come as news reports about a looming international war are dominating daily headlines, world economies are in crisis, energy prices and cost of living are dramatically rising, while mass layoffs, especially within the tech industry previously assumed as future-proof, have become a frequent occurrence among corporate giants.

Edelman's Trust Barometer for 2023 showed that the US and 23 other countries hit an all-time low in this index.

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Executives from JPMorgan Chase, Bank of America, and Citigroup released statements last Friday projecting a "mild recession" this year, alongside predictions of an incline in unemployment rates of 4.9%, 5.5%, and 5%, respectively.

Bank of America CEO Brian Moynihan stated on behalf of the company that "a rapid rise" in unemployment is due to kick off this year, despite acknowledging that this outlook is "much more conservative than the economic estimates that are out there."

The Edelman study, which was published last weekend and included over 32,000 participants in 28 countries, reveals that the public's trust in governments has declined. 62% of surveyed individuals said they have greater trust in business, while 51% said they trust public-sector institutions.

"Business increased its ethics score for the third straight year, rising 20 points since 2020," Edelman report stated.

"It is the only institution viewed as both competent and ethical."

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The CEO of Edelman stated in a press release that six-to-one of respondents expressed they want businesses to increase engagement in social and environmental issues, such as climate change and work inequality.

In the report, Edelman divided public polarization into three categories; less polarized, moderately polarized, and severely polarized.

"Severely polarized" indicated that the surveyed individuals "see deep divisions, and I don't think we'll ever get past them."

Respondents in 6 countries considered their culture as "severely polarized" — the United States, South Africa, Spain, Sweden, Colombia, and Argentina," according to the survey.

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Brazil, South Korea, Mexico, France, the United Kingdom, Japan, Italy, Germany, and the Netherlands are "in danger of severe polarization," the survey noted.

The Edelman report revealed also that "very few would help, live near, or work with someone who disagreed with their point of view."

Only 30% stated they would assist someone in need with whom they don't agree, while 20% said they would reside in the same neighborhood as that person or bear them as a coworker.

The vice chairman of Corporate Affairs for Edelman, Dave Samson, commented on the threats facing countries unless rising tensions are addressed

"We are in a period of huge systemic change ... with divisive forces fanning economic grievance," he said.

"If neglected, the result will be increased levels of polarization, slowing economic growth, deeper discrimination, and an inherent inability to solve problems."

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