The IPSOS survey also shows that the fear of losing jobs or employment among Pakistanis has also decreased
- The fear of losing jobs or work has also decreased.
- The percentage of pessimists decreased from 60% to 49%.
- There was no difference in the percentage of people who were moderate.
ISLAMABAD: With the general elections approaching, a growing number of Pakistanis believe that the country’s economic conditions will improve in the next six years.News I mentioned Monday.
The fourth quarter report of the Consumer Confidence Survey, conducted by IPSOS Pakistan, also revealed that the fear of job or business loss has also decreased.
More than 1,000 people from across the country participated in the survey, which was conducted between October 31 and November 3, 2023.
The survey revealed that the number of Pakistanis who are optimistic about an improvement in their financial situation in the next six months has increased by 11 to 25%, while the percentage of pessimists who expressed their disappointment decreased from 60% in the previous survey to 49%.
There was no difference in the percentage of Pakistanis who took a moderate position, and 26% did not express any hope or despair about their future financial situation.
According to Ipsos, in the previous poll, 95% of Pakistanis expressed their fear of losing their jobs, but in the current poll, 88% expressed their fear of unemployment. It showed an increase in the number of optimists 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 decrease of 1% and 98% expressed no major purchases.
Moreover, the percentage of Pakistanis who expressed their inability to save and invest for future needs decreased by 4%, and 92% said they were unable to save.
Other results showed that only 1 in 10 Pakistanis believe the country is moving in the right direction. Males are four times more optimistic than females.
Although optimism is very bleak so far, the optimism is six times higher than the results of the third quarter when the interim government took power. The growing pessimism was reversed a few years later.
Economic problems continue to top the list of issues of concern for Pakistanis. However, a significant decline in the perception of electricity prices as the most concerning issue can be observed since the third quarter of 2023.
Economic challenges have dominated Pakistanis over the past several years. Although only 5% of Pakistanis considered its economy “strong” in the fourth quarter, 16% of Pakistanis changed their economic perceptions to “weak” compared to the third quarter. Females, city dwellers and mature age groups are more positive now.
The proportion of Pakistanis describing the country’s current economic condition as “weak” decreased significantly from 76 to 60% in this quarter, showing a welcome change of 16% compared to the third quarter.
One in three Pakistanis and one in four Pakistanis expect their personal financial and economic situation in their areas to improve over the next six months.
Again, only one in 10 Pakistanis are more confident about saving and investing in the future, but this optimism has doubled over the last quarter. Middle-income respondents are seen as the most optimistic on these accounts.
After a continuous decline for a year and a half in Pakistanis’ confidence in investing in the future, for the first time, there is a 4% increase in this quarter.
Confidence in job security has more than doubled at third-quarter levels, although a sharp majority (88%) remain less confident.
Five in 10 Pakistanis claim they personally know someone who has lost their job as a result of economic circumstances. Compared to the third quarter, the 7% decrease in such claims shows increased job stability in the fourth quarter.
Nine out of 10 Pakistanis do not feel comfortable making household purchases, however, 3% of Pakistanis feel more comfortable making household purchases compared to last quarter. Despite the improvements in this quarter, 98% of Pakistanis are still uncomfortable making large purchases such as homes or cars.