[theList] Countries More Pessimistic About the Future Than 'Hell Joseon'... Even Switzerland

Korea Ranks 15th Among 63 Countries in Future Positivity Survey
Emerging Countries Optimistic About Future...Advanced Countries Pessimistic
Switzerland, Sweden, Japan Among Countries with Negative Future Outlook

The neologism "Hell Joseon," which emerged in 2014, is a compound word combining the English word "Hell" and "Joseon," symbolizing the gloomy feelings of young people in South Korea suffering from intense competition, employment difficulties, overwork, and poverty. But what if there are countries even more pessimistic about their future than this "Hell Joseon"?

On the 16th, the global public opinion research organization Gallup released the results of a survey forecasting the lives of the next generation across 63 countries worldwide. Among them, in response to the question "Do you think the next generation's life will be better than the current generation's?" 56% of South Koreans answered "better," while 27% answered "worse."

Ranked 15th out of 63 countries, South Korea was in the upper tier. However, Gallup analyzed that "most emerging countries rank at the top in optimism about the next generation's life," and "South Korea is somewhat behind among emerging countries, ranking 15th."

So, which countries are more pessimistic about the future than South Korea? Based on this Gallup survey, we looked at the bottom five countries that are the most pessimistic about the future.

5th - Switzerland

Switzerland / Photo by Pixabay

Switzerland, a landlocked and neutral country in Europe, had only 24% of respondents say "the next generation's life will be better than mine," while 34% said it would be worse.

Since emerging countries that have achieved rapid growth in a short period tend to be more optimistic about the future, it is not surprising that Switzerland, already among the world's top developed countries, holds somewhat pessimistic views.

Switzerland, with well-developed industries in finance, tourism, machinery, and pharmaceuticals, is a representative "small but strong country" with a per capita GDP of $92,434 (IMF 2022 estimate, nominal), about three times that of South Korea.

However, behind Switzerland's robust economy lie shadows such as prolonged low growth following the 2010-12 Eurozone debt crisis, soaring real estate prices, notorious high inflation, and youth unemployment exceeding 10% (as of 2020).

4th - Japan

Japanese office workers commuting to work / Photo by Yonhap News

Japan ranked 4th with 21% positive responses and 14% negative responses. Young Japanese people, who have experienced the so-called "lost 30 years" since the late 1990s due to the aftermath of the 1980s bubble economy, inevitably feel pessimistic about the future.

Due to decades of prolonged low growth, Japan's nominal per capita GDP was surpassed by Taiwan for the first time last year and is now almost on par with South Korea.

The government's aggressive fiscal policies known as "Abenomics" and the Bank of Japan's quantitative easing have become burdensome for consumers amid soaring inflation.

With adverse factors such as the depreciation of the yen and rising energy import prices, Japan's consumer price index (CPI) reached 4.0% in December last year, the highest in 41 years. Meanwhile, wages for workers have not increased, causing a significant drop in real wages.

3rd - Sweden

Sweden / Photo by Pixabay

Sweden, a representative welfare state in Northern Europe, had a positive response rate of 21%, the same as Japan, but a negative response rate of 33%, much higher than Japan.

Known as a "model developed country" with a strong social welfare system through labor-management-government compromise, a competitive economy, and stable politics, Sweden has recently changed significantly from its past reputation.

Within Sweden, accumulated dissatisfaction among citizens over issues such as jobs, immigration, and public safety has already caused political fractures.

The far-right party "Sweden Democrats," which advocates anti-immigration policies, made a surprising leap to become the second-largest party in the parliament in last October's general election. Since then, the Sweden Democrats have participated in government formation for the first time as part of the broader conservative coalition.

2nd - Italy

A street in Rome, Italy / Photo by Yonhap News

Italy recorded 16% positive responses and a whopping 47% negative responses. Along with Greece, Italy was a major victim of the 2010-12 Eurozone debt crisis.

At the time of the crisis, to reduce government debt reaching 130% of GDP, the three major European institutions?the EU Commission, European Central Bank, and IMF, known as the "Troika"?led a strong fiscal austerity program, and the aftereffects had to be borne entirely by the people.

Italy's economic situation has hardly improved since the Eurozone crisis.

The COVID-19 pandemic in 2020 and the Russia-Ukraine war in 2022 further worsened the situation. Over the past decade, Italy has experienced many internal and external upheavals, and the youth unemployment rate approaching 24% as of 2021 has further suppressed the lives of young people.

1st - Slovenia

Slovenia / Photo by Pixabay

Slovenia, a small country located on the Balkan Peninsula, ranked first with 14% positive responses and 53% negative responses. Formerly part of Yugoslavia, a Balkan communist federation, Slovenia embraced democracy after independence and joined the EU.

Among former Eastern Bloc socialist countries, Slovenia is considered a relatively stable and rapidly capitalist success story, but surprisingly, Slovenian citizens currently hold significant dissatisfaction with their situation.

In a 2021 survey by a Slovenian polling agency measuring life satisfaction, 58% of respondents said they were "not happy." This change began recently, with dissatisfaction gradually rising since 2019. The polling agency analyzed that the increase is likely due to the combined effects of socioeconomic turmoil following COVID-19 and dissatisfaction with the government.

Gallup Survey on Life Outlook of the Next Generation Compared to the Current Generation