Rising inflation is the biggest concern for Pakistanis, finds Ipsos survey

December 24, 2020 (MLN):  For one out of every three Pakistanis, an increase in inflation is the most worrying issue for 34% of the respondents in the fourth quarter of 2020, an Ipsos survey revealed.

During the fourth quarter of 2019, rising inflation was the second biggest concern for 29% of respondents.

Ipsos, the third-largest market research company in the world that has been conducting Consumer Confidence Survey in Pakistan, highlighted that unemployment was the second biggest concern for 22% of the respondents in Q4 2020 followed by poverty.

According to the latest survey conducted by Ipsos, four in five (77 percent) Pakistanis continue to worry that the country is heading in the wrong direction for the last one year.

As per the survey, 7 in 10 Pakistanis dissatisfied with the way things are going in the country today, while 3 in 4 Pakistanis describe the current economic situation, as bad. Slight betterment (5%) has been seen since the same period last year.

About 70% of respondents said the most worrying issues for Pakistanis are related to their financial miseries. The poor financial situation is prominent across all provinces. Corruption in the top five worries in Sindh and in Khyber Pakhtunkhwa while indiscriminate implementation of law and Justice has been seen bigger issue than coronavirus in Balochistan.

Ipsos’ results are based on primary data that has been collected from the nationally representative sample size of more than 1,000 people.

When asked about the personal financial situation, almost 1 in 3 Pakistanis consider their personal financial situation as weak. Half of Pakistanis expect this to be even weaker in the next 6 months. Albeit still small in proportion, positive sentiments got better than last year.

Over 4 in 5 Pakistanis continue to feel less confident about their job security. 1 out of 2 Pakistanis reported experiencing themselves or witnessing people known to them personally, who lost their jobs last year because of economic conditions. As per the survey, jobs’ situation seems worsened since last year.

Some 14% of respondents fear they will lose their job in the next 6 months due to economic conditions. the survey showed that respondents feel no improvement in the grim investment environment. In comparison to one year ago, 9 out of 10 Pakistanis are feeling less comfortable while purchasing general household items as well as major ones like cars, homes, etc.

The participants also continue to feel less confident about their ability to save and invest in the future in comparison to one year ago.

Pakistan’s Global Consumer Confidence Index (GCCI), generally known as the National Index is 30.2 in the fourth quarter of 2020 which is well below the global average of 42.1. Though, with the exception of China, Pakistan's national index has lost the least when compared to major emerging nations such as Russia, South Africa and Turkey.

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