Experts say people have lost faith in the economy
About 31% of Pakistanis have either lost their jobs or know people who lost their jobs in 2019, revealed the second Global Consumer Confidence Index survey.
The findings of the research conducted by IPSOS, a global research company, came out on January 16.
It said that around 83% of Pakistanis are fearful of losing their jobs. Inflation, unemployment and increasing poverty were issues most people were worried about.
According to the survey, people had lost their trust in the economy and were hesitant to invest. Around 17% of businessmen in the country are fearful of going into losses and only 21% of people believed that the country was going in the right direction.
“In the last year, inflation was high and economic growth fell,” said Dr Talat Hussain, dean of the Institute of Islamic Banking.
“Due to inflation, people’s perceptions regarding the economy have worsened,” he said.
The survey also said that most Pakistanis were uncomfortable making big expenditures. About 91% of people were less comfortable about buying a car or a home as compared to a year ago. Similarly, 90% were dubious about making major household purchases.
Some economists, however, have questioned the results of the survey.
“If 31% people lost their jobs, why aren’t they out on the streets protesting?” asked Abid Qaiyum Suleri, executive director of the Sustainable Policy Development Institute. “I just can’t digest these statistics,” he said.
The index reflects consumer attitudes on the current and future state of their local economy, their personal finance situations, their savings and their confidence to make large investments.
Results of the IPSOS research are based on data collected by a nationally representative sample of 2,900 people aged between 19 and 65 years. It was conducted in December 2019.