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Number of Pakistanis hopeful about economic conditions increase by 11%: survey

Number of Pakistanis hopeful about economic conditions increase by 11%: survey

Tooba Shakir 5 months ago 0

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IPSOS survey also shows that fear of losing jobs or work among Pakistanis has also decreased

A man reads newspaper while selling betel leaves, known as pan, cigarettes and candies from a shop in Karachi, Pakistan, December 30, 2021. — Reuters
A man reads newspaper while selling betel leaves, known as pan, cigarettes and candies from a shop in Karachi, Pakistan, December 30, 2021. — Reuters  
  • Surevy shows fear of losing jobs or work also decreased.
  • Percentage of pessimist people goes down from 60 to 49%.
  • No difference in percentage of people who were moderate. 

ISLAMABAD: As the general elections approach, the number of Pakistanis who believe that the economic conditions of the country will improve in the next six years has increased, The News reported Monday. 

The fourth quarter report of the consumer confidence survey, conducted by IPSOS Pakistan, also revealed the fear of losing jobs or work has also decreased. 

More than 1,000 people participated in the survey from across the country, which was conducted between October 31 and November 3, 2023.

The survey revealed that the number of Pakistanis optimistic about improving their financial situation in the next six months has increased by 11 to 25% while the percentage of pessimistic people, who expressed disappointment, went down from 60% in the previous survey to 49%. 

There was no difference in the percentage of Pakistanis who took a moderate position and 26% expressed neither hope nor despair about their financial situation in the future.

According to IPSOS, in the previous survey, 95% of Pakistanis expressed fear of losing employment, but in the current survey, 88% expressed fear of being unemployed. It showed an increase in the number of optimistic people by 7%.

In the survey, the rate of people complaining of difficulties in purchasing common household or personal items due to economic difficulties decreased by 3 to 96%. There was a slight decline of 1% and 98% expressed failure to make major purchases.

Moreover, the rate of Pakistanis who expressed their inability to save and invest to meet future needs decreased by 4%, and 92% said they were not able to save.

Other results showed that only 1 in 10 Pakistanis believe that the country is headed in the right direction. Males are 4 times more likely to be more optimistic than females.

Albeit quite bleak even now, optimism is six times higher than the third quarter results when the caretaker government took over. Ever-growing pessimism has been reversed after a couple of years.

Economic problems continue to top the list of worrying issues for Pakistanis. However, a significant decrease can be seen in the perception of electricity prices as the most worrying issue since quarter-3 (Q3) of 2023.

Economic challenges have dominated for Pakistanis for the last many years. Though a meagre 5% of Pakistanis consider its economy as “strong” in quarter-4 (Q4), 16% more Pakistanis have changed their “weak” economy perceptions as compared to Q3. Females, urbanites and mature age groups are now even more positive.

Pakistanis calling the country’s current state of economy as “weak” has decreased significantly from 76 to 60% in this quarter, showing a welcome change of 16% in comparison to Q3.

One in three, and one in four Pakistanis expect their personal financial and economic situation in their areas to get better in the next six months.

Again, only one in 10 Pakistanis are more confident about future saving and investment, but that optimism doubled within the last quarter. Respondents from the middle-income group are seen as most optimistic on these accounts.

After a continuous decline for a year and a half in the confidence of Pakistanis to invest in future, for the first time, there is an increase of 4% in this quarter.

Confidence in job security has jacked up twice as much in Q3 levels, though the acute majority (88%) remain less confident.

Five out of 10 Pakistanis claim to personally know someone who lost their job as a result of economic conditions. In comparison to Q3, a 7% decrease in such claims shows increased job stability in Q4.

Nine out of 10 Pakistanis are not comfortable in making household purchases, however, 3% of Pakistanis are more comfortable with household purchases in comparison to the last quarter. Despite improvements in this quarter, 98% of Pakistanis are still not comfortable making major purchases like homes or cars.

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