Optimism plummets as concerns about economy mount

KARACHI: An international survey conducted by Ipsos has suggested that only one in 10 Pakistanis believe the country is headed in the right direction. The survey, released on Friday, indicates that the rural population is more optimistic than urban residents.

According to the survey, optimism has significantly decreased, dropping from 18 per cent in the second quarter to 11pc in the third quarter, bringing it back to levels seen earlier this year.

“Economic problems continue to top the list of worrying issues for Pakistanis despite some improvement,” the report said. People are increasingly worried about rising electricity prices and taxes, it added.

Since the beginning of 2024, the perception of economic challenges as the most worrying issue has lessened in Pakistan, touching a two-year low. At the same time, concerns about the rising electricity prices and the burden of taxes have become significantly more pronounced, with concerns about taxes reaching a four-year high, according to the survey.

Survey shows only one in 10 Pakistanis believes country is on right path

It said that 13pc Pakistanis believe that the economic condition of the country is strong. Males, rural residents, post-graduates and the upper class are more optimistic.

Pakistanis calling the country’s current state of economy ‘strong’ decreased by 4pc in this quarter, whereas those who called it weak increased slightly by 1pc.

The percentage of Pakistanis who feel comfortable making daily purchases has dipped by four percentage points since the second quarter. About 94pc are less comfortable about daily purchases.

Since the beginning of 2024, optimism about local economic conditions has experienced a continuous decline, hitting the lowest point since November 2023, with only one in 10 Pakistanis now expecting improvements within the next six months, the survey said.

Similarly, optimism about local economic conditions has declined about three times since the first quarter of 2024, hitting a one-year low, with only one in 10 Pakistanis now expecting improvements in the next six months.

After a year of consistent growth in confidence about future savings, the trend reversed in the third quarter by 5pc, according to the survey.

Confidence in job security has shown signs of stability since the second quarter, reaching its highest point in three years since November 2021 but 85pc are less confident.

Moreover, 54pc of Pakistanis cited their fellow citizens as their favourite thing about the country. They highlighted qualities like hospitality, helpfulness, good morals, caring nature and respectfulness.

Some 42pc respondents expressed a deep appreciation for Pakistan’s diverse culture, including local traditions, languages, provincial cultures, way of living, cultural dresses and respect for women.

Pakistan’s stunning landscapes resonated with 35pc of the people. The Northern areas, diverse weather, majestic mountains, lush greenery and beautiful scenery were frequently mentioned.

A third of respondents highlighted the unique and flavourful culinary experience, particularly enjoying local dishes, biryani, vibrant eateries, fresh fruits and vegetables.

As a Muslim-majority nation, 16 per cent of Pakistanis take pride in their Islamic identity. This sentiment is rooted in the country’s foundation of Islamic ideology and values.

Published in Dawn, August 31st, 2024