A recent survey by IPSOS Pakistan, involving over 1,000 participants, indicates a shift in the economic outlook of Pakistanis as the general elections near.
The survey conducted between October 31 and November 3, 2023, shows an increase from 11% to 25% in the number of Pakistanis who are optimistic about their financial situation improving in the next six months. Conversely, those expressing disappointment decreased from 60% to 49%. A steady 26% of respondents maintained a neutral stance, neither hopeful nor despairing.
The survey highlighted a drop in job loss concerns, with 88% fearing unemployment, down from the previous 95%. This 7% increase in optimism reflects a positive shift in employment perspectives.
There’s also a 3% decrease in the struggle to buy everyday items, with 96% still facing challenges. However, 98% find it difficult to make major purchases, only a marginal 1% improvement. Savings and investment capabilities show a slight recovery, with a 4% drop in those unable to save, at 92%.
Direction and Economic Challenges
Notably, only 10% of Pakistanis believe the country is on the right track, with men displaying four times more optimism than women. Compared to the third quarter results under the caretaker government, the current level of optimism is six times higher, reversing a long-standing trend of pessimism.
The perception of economic problems remains high, though concerns over electricity prices have lessened since Q3 of 2023. The number of Pakistanis deeming the economy ‘weak’ has notably decreased from 76% to 60%.
One-third of Pakistanis expect personal financial improvement, while one-quarter anticipate better economic conditions in their areas within six months. Confidence in future savings and investments has doubled from the last quarter, with the middle-income group showing the most optimism.
After a prolonged decline, there’s a 4% rise in confidence for future investments. Job security confidence has also doubled compared to Q3 levels, though 88% remain apprehensive.
Half of the respondents know someone who lost their job due to economic conditions, a 7% decrease from Q3, suggesting increased job stability. While 90% still hesitate to make household purchases, a 3% improvement is observed from the last quarter. However, 98% are uncomfortable making major purchases like homes or cars.
