Streamlining economy, restoring consumers’ confidence daunting challenge for Dar: Ipsos survey

KARACHI: A daunting challenge of correcting the economy and restoring the confidence of consumers lies ahead for the new Finance Minister Ishaq Dar as 91 percent Pakistanis expressed a lack of confidence in the overall direction of the country, said the Ipsos survey’s third quarter poll on Thursday.

It further said the rate of Pakistanis deeming the country is on the right direction touched a three-year low as 61 percent Pakistanis termed the country’s economy weak and 77 percent did not foresee any improvement in the economy, while inflation, unemployment and flood situation top the list of people’s problems.

According to Ipsos Pakistan, a research company, the new finance minister has taken the oath amid peoples' growing distrust in the country’s current economic situation. As many as 91 percent of the survey respondents have expressed a lack of confidence in the overall direction of country, 61 percent deem the country’s economy as weak and 77 percent are not hopeful about any improvement in the country’s economy in future.

Besides, inflation, unemployment and flood situation have also become a cause of concern for them.The Ipsos Pakistan revealed the findings in the report of its third quarter “Consumer Confidence Survey-2022”.

Over 1,000 respondents participated in the survey conducted between September 7-12.In the survey, 91 percent respondents expressed a lack of confidence in the current economic situation of the country, terming the economic direction wrong, while only nine percent said otherwise – it is the lowest rate in three years.Similarly, with an increase of 15 percent, the rate of those deeming the country’s economy weak as against the previous survey has increased to 61 percent.

Only three percent respondents considered the country’s economy as strong.Those having a balanced stance over the country’s economy were reduced to 36 percent from 49 percent.

77 percent respondents expressed dismay over the chances of an improvement in the country’s economy during the next six months and expressed their concern over further deterioration of the economy.

Only seven percent expressed optimism, while 16 percent adopted a moderate view.Like the previous survey, inflation and unemployment remained the two biggest concerns among the Pakistani nationals with an addition of flood situation.

Around 40 percent Pakistanis deem inflation as the biggest problem, 11pc unemployment, 10 percent flood, 7 percent high electricity cost, 6pc poverty, 5 percent high taxes, 3 percent rupee devaluation, 3pc corruption, nepotism, bribery and adulteration, 2pc loadshedding, 2pc discrimination in enforcement of law and justice, 2 percent institutions’ interference in each other’s domain, 2 percent Covid-19 and 2pc consider terrorism as the biggest issue of the country.According to the Ipsos survey, after August 2019, Pakistanis consider unemployment and inflation as the biggest problems of the country.