98 pec Pakistanis Believe Country Heading in Wrong Direction: Survey

ISLAMABAD: A survey reveals the confidence of the people of Pakistan in the economy has declined, as 98 percent of the country’s population believes that Pakistan is heading towards the wrong direction.

Ipsos, a global market research and consulting firm, conducted the survey for its wave of Global Consumer Confidence Index (GCCI), generally known as the National Index.

People were asked about their confidence in the economy, their views about the current situation, investment plans and job prospects.  The survey was conducted in August.

During the survey, the people were asked what the most worrying issue in Pakistan was, and 58 percent of the public viewed inflation as the major issue in Pakistan; others believed that an increase in electricity prices was worrisome.

While responding to another question 76 percent of the people termed the country’s current state of economy as ‘weak’.

According to the survey 6 in 10 Pakistanis didn’t expect the economy and their personal financial situation to get better in the next 6 months.

The survey also found that Pakistanis’ confidence regarding job security remained extremely low as 64 percent of the people claimed to personally know someone who lost their job as a result of economic conditions.

As per the survey, 96 percent of Pakistanis have less confidence about their ability to invest in future, with ever highest negative sentiment since the company started the survey in 2019.

It said Pakistanis reported ability to make major purchases has reached its lowest level with 99 percent have less confidence.

Similarly, 99 percent of Pakistanis reported discomfort in making household purchases.

Ipsos Global Consumer Confidence Index (GCCI) is a national survey of consumer attitudes on the current and future state of the local economy, personal financial situation, as well as confidence to make large investments and ability to save.

Businesses and policymakers can monitor changes in the index to factor the data in their decision-making processes.