Global economic effects of fake news

Baltezarević, Radoslav (2024) Global economic effects of fake news. In: 10th International Black Sea Coastline Countries Scientific Research Conference, Samsun, Turkiye, 7-9 April, 2024. IKSAD Publications, pp. 460-466. ISBN 978-625-367-700-8

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Abstract

Fake news is defined as any deliberate spread of misinformation, propaganda, and deception. These kinds of content have been spreading dramatically through social media platforms lately, which is detrimental for the global economy. This problem affects several domains, including as politics, the economy, and democracy. Fake news mostly aims to advance a particular ideology within society. This type of misinformation typically originates from unreliable alternative media. When such news breaks, businesses, governmental organizations, and public institutions have to move fast to contain the issue and stop the content from spreading by reporting or removing it from social media. The companies of today must have crisis communication procedures in place to prevent fake news from spreading. The intention of those who create fake news is to deceive readers into thinking that the information they are reading is authentic. This effect has made the news less significant in general. Because fake news draws more viewers, which boosts the media company's revenue, it now plays a larger part in media business models. Fake news can negatively impact businesses worldwide by lowering sales, disturbing supply chains and operations, eroding customer confidence, and causing reputational harm that is hard to repair. Competitors may take advantage of such a circumstance. In order to counteract misinformation, businesses must set aside funds for crisis management and public relations initiatives. Around the world, fake news is becoming a major concern that is hurting key sectors like healthcare, politics, e- commerce, journalism, and finance.

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