Low confidence in economy

While it was generally understood that most Pakistanis are not optimistic about their country's economic future, a recent survey has found that an overwhelming majority of citizens now have a bleak view, underscoring the urgent need for action.

The survey by Ipsos, a well-regarded French polling agency, says only 11 per cent of Pakistanis now have a positive economic outlook, down from an already dismal 18 per cent in the previous calendar quarter. However, it is notable that the 18 per cent figure was actually higher than at the start of the year, implying that confidence in the economy had been ticking up in the first half of the calendar year. Unfortunately, the confidence instilled by the election of a new government and the success of talks with the IMF was quickly replaced by concerns caused by skyrocketing utility prices, new taxes and the continuation of the political instability that helped drive the economy into a hole in the first place. Short-term confidence is also low, with barely 10 per cent of the country confident an economic turnaround can begin in the next six months. Consumer confidence is also unsurprisingly low, as many people continue to struggle with daily purchases and trying to figure out how they are going to save for the future when money loses its value so quickly, a situation that is deeply affecting their daily lives. One astounding side note, however, was that 13 per cent of survey respondents think the economy is "strong", which makes us wonder what these people, who include mostly men, rural residents, post-graduates and the upper class, would define as struggling.

While the government continues to paint a rosier picture to instill confidence in people, it may be time to acknowledge the elephant in the room and make it clear that short-term fixes are not an option and that a successful recovery will take time. Most people would prefer an honest assessment to more tall claims of economic turnaround.