From Social Media to Truth:
Countering Misinformation for a Thriving Digital Economy
Social media platforms have become essential tools for communication and interaction among governments, businesses, and civil society. They play a crucial role in establishing successful businesses and driving the growth of the digital economy. However, the spread of misinformation on these platforms poses significant challenges, as it can erode trust in social media and hinder the adoption of digital technologies. The proliferation of false, biased, or incorrect information, particularly during significant events like the COVID-19 pandemic, has raised concerns about the impact of misinformation on the digital economy and the need for effective strategies to combat it.
The white paper explores the misinformation phenomenon and the role of social media platforms, examining its impact on the digital economy through a Systematic Literature Review. The paper highlights the challenges faced by stakeholders, including policymakers, social media platform managers, journalists, and civil society, in combating online misinformation. This study also discusses fact-checking tools, their limitations, and the potential for co-designing a state-of-the-art fact-checking tool to address the online misinformation epidemic.
In conclusion, the paper provides key recommendations for stakeholders, including suggestions for policy changes, non-regulatory proposals, and promoting digital cooperation. It emphasizes the importance of raising public awareness, promoting the use of emerging technologies, and encouraging active participation from civil society to protect communities from misinformation and enhance consumer trust in social media platforms, ultimately fostering a more informed and resilient digital economy.