Abu Dhabi

Source: Mufakiru Alemarat

Dr. Ali Mohamed Al Khouri

In an era in which information has become as much a vital currency as it is a critical commodity, the global economy finds itself under the weight of an ever-evolving threat: the rampant spread of misinformation and disinformation. What distinguishes the two concepts is that the first symbolizes the unintentional spread of false information. The second refers to the intentional publication of it. This case highlights the challenges facing institutional and governmental systems in protecting the stability of their economies and the sustainability of their businesses.

With the decline of traditional media in favor of digital platforms and social media, which collect, distribute, and control large amounts of visual, audio, and written data, false and misleading information has risen to the rank of major global risks. According to the Global Risks Report 2024, issued by the World Economic Forum; This is due to the potential for it to be used as a tool to shape public opinion, influence public policies, and even manipulate election results or economic markets.

It is noteworthy that the term “fake news” has evolved in recent years. To become a cultural and political symbol, especially following the US presidential election in 2016, and the ensuing debates regarding the potential effects of biased and inaccurate information on democracy and societies. According to a study conducted by the cybersecurity company (CHEQ); Spending on inaccurate news in political races amounts to more than $400 million annually.

It should be noted that this year will witness elections being held in countries that represent 60 percent of the global gross domestic product, and these countries include Britain, the United States of America, and India, in addition to the European Union elections. According to the World Economic Forum; Misinformation is expected to play a prominent role in fueling social unrest and divisions during election campaigns.

In terms of direct economic impacts, this phenomenon will have serious and far-reaching repercussions. According to the Global Disinformation Index for 2021; The annual cost of misinformation to global markets is billions of dollars; Given its potential to influence investor behavior and corporate strategies, in addition to undermining investor confidence and tarnishing the reputation of institutions; When “fabricated” data is injected into financial market systems, which originally depend on prediction and integrity of information, the resulting fluctuations in investors’ decisions increase; It becomes difficult to distinguish between the truth and what is not. A study prepared by the University of Baltimore in 2019 indicated that the global economic losses resulting from the spread of fake news and misleading information amount to about 78 billion dollars. This includes operational costs that force organizations to spend more to manage information; And verify it.

Aside from direct fluctuations in market dynamics, the report issued by the Edelman Trust Index in 2024 reveals that although confidence in local media institutions in countries of the Asia-Pacific region is higher compared to Western countries; They are still weak overall, especially those related to economic policies and decisions. The report also notes the dual role of technology in facilitating the spread of misinformation, especially in light of the emerging capabilities of artificial intelligence to generate false and convincing content.

Addressing these challenges requires precise, multifaceted strategies that include regulation, education, and technology in its simplest forms. Regulatory frameworks, especially in the context of artificial intelligence and digital platforms, must ensure ethical uses, enforce accountability in content moderation, and encourage transparency in the dissemination of information. For example, the European Union Digital Services Law represents a unified framework for regulating digital platforms. With the aim of reducing the spread of misleading information that may negatively affect public debate and lead to distortion of facts; The law also encourages digital companies to develop policies and tools to counter misleading information and maintain a safe and reliable digital environment.

On the other hand, media culture among members of society is a pivotal element for developing capabilities and skills in critically evaluating information sources, distinguishing between reliable and misleading content, and conscious consumption of content that is received or transmitted in the media and social media networks. There has become an international trend to provide online training courses, workshops in schools and universities, and other educational materials, in addition to developing digital platforms for objective analysis of ambiguous information and news, verifying circulating information and rumors, and assessing their credibility.

Investing in technology solutions is crucial, as they are vital tools for identifying biased and false narratives and reducing their spread. Advanced artificial intelligence and machine learning technologies have the ability to analyze texts and social media, detect, report, and respond to misinformation and disinformation campaigns with up to 95 percent accuracy, which confirms the feasibility of investing in such technologies on a national scale.

The nature of digital information, which reflects the new global reality of the flow of information across national borders with unprecedented smoothness and fluidity, makes it no longer possible for any country alone to effectively confront the challenges related to false and misleading information without cooperation with other countries. This cooperation is necessary to develop and standardize common standards for monitoring, analysis and response; But these efforts may be hampered by differences in international laws and regulations, political disagreements, and concerns about privacy and sovereignty. Here, international agreements can set standards and guidelines for responsible behavior in cyberspace, as well as the possibility of activating the role of Arab and international federations, technology companies, government institutions, and civil society organizations to develop standards and decentralized platforms for monitoring and accountability, aiming to combat the global spread of misleading information.

What we must finally realize is that this phenomenon is no longer just a battle for the truth; Rather, it has become an essential component of ensuring market stability and confidence in the economic systems that form the basis of global progress. In the complex arenas of information maneuvers, it requires more than vigilance and education, or monitoring and analysis. This issue must be dealt with as a central issue in national and global policies, a moral duty, and a vital building block for ensuring economic and social security in the digital age.