Economists Urge Strong Journalism for Thriving Economies

On October 6, 2023, eleven of the world’s leading economists, including two Nobel laureates, issued a significant call to action, emphasizing the critical role of quality journalism in sustaining healthy economies, democracies, and civil societies. Their statement coincides with World News Day, a global initiative that highlights the importance of journalism and its impact on societal well-being.

The group, which comprises respected figures in the field of economics, stated that the erosion of trustworthy journalism poses a direct threat to the stability of economies and the functioning of democratic institutions. They pointed out that informed societies depend on accurate reporting to make sound decisions, and this is even more crucial in times of economic uncertainty.

According to the economists, good journalism serves as a watchdog, holding power to account and ensuring transparency in both public and private sectors. They argued that without reliable news sources, misinformation can proliferate, leading to misguided policies and public distrust. This, in turn, can cripple economic growth and destabilize democratic processes.

Their remarks underline a growing concern among economists about the decline of traditional media and the rise of unverified digital platforms. The group warned that the consequences of this shift can be severe, particularly in developing nations where access to credible information is already limited.

The economists advocate for increased support for journalism, suggesting that governments, private sectors, and civil society must work together to create an environment where free and independent media can thrive. They emphasized that investment in journalism is not just a matter of funding; it is essential for nurturing an informed citizenry that is capable of engaging with complex economic issues.

In their statement, the economists reiterated that quality journalism contributes to economic resilience. They highlighted that countries with a robust press are better equipped to handle crises, as informed citizens are more likely to engage in constructive dialogue about policy decisions. This interaction fosters a culture of accountability and helps build trust between governments and the public.

As World News Day continues to spotlight the significance of journalism, these economists remind us that the health of our economies and democracies is intertwined with the quality of information available to the public. They stress that now is the time to prioritize investment in journalism, ensuring that it remains a vital pillar of society.

The collective message from these prominent figures serves as a vital reminder of the interconnectedness of journalism, economic stability, and democratic health. Their urgent call to action urges stakeholders across various sectors to recognize the essential role of quality journalism in shaping a prosperous future for communities worldwide.