By Zeeshan Mumtaz
ISLAMABAD: For the first time since the incumbent government of Prime Minister Shehbaz Sharif came into power, a positive upward trend can be seen in Pakistani nation about the country’s direction.
In this optimism, Males, middle-aged and rural residents are more optimistic about government than others. However, according to French origin research outfit, IPSOS’s Consumer Confidence Index of Pakistan, the perception of Pakistanis about country’s direction on wrong side has not always been the case. During the election year 2018, survey indicated that 74 percent of Pakistanis thought about the country as heading towards the Right direction.
Inflation in Pakistan
Inflation, unemployment and rising poverty still haunt majority of the public, with sharp increase in perception of ‘inflation’ as the most worrying issue.
Upon inquiring about the most worrying issue of Pakistan, during survey by IPSOS, 49% Pakistanis think, Inflation, 18% thinks unemployment, and 9% thinks rising poverty is major problematic issue of Pakistan, however concern regarding the floods significantly dropped in the last one quarter year.
Inflation and unemployment have always been the biggest concerns for Pakistanis in the last decade. However, the magnitude of concern was much lower before 2019.
Perception of Economy of Pakistan
Upon economic condition of the country, the number of Pakistanis considering country’s current state of economy as ‘weak’ seems to get arrested and only 5 percent of Pakistanis stating the economy of the country as strong.
Personal Financial Security Amid Inflation
IPSOS survey states that Pakistanis’ confidence regarding their job security remains extremely low with 9 in 10 less confident about it as compared to last year.
Pakistanis’ confidence about their ability to invest in future has slightly slipped further 95% Pakistanis are less comfortable in making household purchases
Compared with the last year, Pakistan Consumers’ Confidence Index gained 3 points, However, Pakistan remains the lowest among similar emerging markets.
Overall Consumer Confidence Index of Pakistanis in Q4 this year gone up by 3 points as compared to same period last year.
Perception of Consumers
Only 1 in 6 foresee the economy getting stronger – Males, middle-aged and rural dwellers are more optimistic than others.
Nearly 1 in 4 expect their financial situation to be getting better in next 6 months, while more than half (55%) think their financial situation to be even weaker in coming 6 months.
There are 55% Pakistanis claimed to personally know someone who lost their job as a result of changes in economy of Pakistan, trend is consistent In the last one quarter. Moreover, Pakistanis’ confidence about their ability to invest in future has slightly slipped further.
Similarly, 95% are less confident to make a major purchase and 95% Pakistanis are less comfortable in making household purchases.
Compared with the last year, Pakistan Consumers’ Confidence Index gained 3 points. However, it remains the lowest among similar emerging markets.
