Pakistanis’ perception of economy improves: survey

Lahore: Pakistan's economic landscape has undergone a significant upturn, evident in recent data showcasing a surge in optimism and confidence among its populace.

The recent statistics indicate a noteworthy shift in public sentiment, with the proportion of Pakistanis expressing belief in the nation's positive trajectory rising from 12 percent to 18 percent – the highest level of optimism recorded in the past two years.

Moreover, concerns about inflation, long a focal point, have notably diminished. Merely three in 10 Pakistanis now identify inflation as their primary worry, marking the lowest figure in the last three years. This attitudinal change signals a notable transformation in economic outlook among the citizenry.

The perceptions regarding the country's economic robustness have also undergone a remarkable evolution. The percentage of Pakistanis describing the economy as 'strong' has quadrupled since the beginning of the year, surging from four percent to 16 percent. This boost in positive sentiment represents the most substantial increase in the past five years, discounting a singular spike in September 2021.

Moreover, consumer confidence in both daily household expenditures and major purchases has witnessed a considerable boost. The proportion of Pakistanis comfortable with daily household spending has surged 2.5 times, from four percent to 10 percent, since the onset of the year. Even more striking is the nearly fourfold increase in confidence regarding significant purchases.

The steady growth is also evident in confidence regarding saving for the future, with the percentage of Pakistanis expressing belief in their savings abilities rising from 11 percent to 15 percent. This upward trajectory has remained consistent since September 2023, suggesting signs of stable and sustainable economic progress.

Job security, a pivotal aspect of overall economic confidence, has seen a slight improvement as well, with confidence levels rising from 12 percent to 15 percent in the last quarter, further bolstering positive sentiment.

Pakistan has experienced positive shifts in three of the four sub-indices of the consumer confidence index, resulting in an overall increase of 0.8 points. The current consumer confidence index stands at 32.3, representing the most favorable outlook in the past three years.

These findings reflect a cautiously optimistic outlook for Pakistan's economy, with improving perceptions evident across various dimensions of economic life. While challenges persist, the data underscores a growing confidence among Pakistanis in their economic future.