Summary
This report provides an analysis of the role of trust in South Africa's economic development, emphasizing its significance for fostering cooperation, reducing transaction costs, and encouraging investment and innovation. It outlines findings from the Edelman Trust Barometer 2024, which indicates that South Africa is perceived as a distrustful society, with only three in ten respondents expressing trust in the government. The report highlights that six out of ten South Africans trust the business sector, ranking the country 15th out of 28 territories assessed. Additionally, the report discusses the findings from PwC’s Voice of the Consumer Survey 2024, revealing that the protection of customer data is a critical factor for building consumer trust. The document also includes a simulation showing that increased societal trust could significantly enhance economic productivity. It concludes with practical steps for businesses to build trust through transparency and effective communication of their impact on society, the economy, and the environment.
