The second Global Consumer Confidence Index survey revealed that about 31 per cent of Pakistanis either lost their jobs or met people who lost their jobs in 2019.
Research findings from IPSOS, a global research firm, emerged on January 16.
It said about 83 per cent of Pakistanis are afraid to lose their jobs. Inflation, unemployment and increasing poverty were concerns that troubled most people.
Citizens had lost their confidence in the economy, and were hesitant to invest, according to the survey. About 17 per cent of the country’s entrepreneurs are afraid of losses, and only 21 per cent believed the economy was heading in the right direction.
“In the last year, inflation was high and economic growth fell,” said Dr Talat Hussain, dean of the Institute of Islamic Banking.
“Due to inflation, people’s perceptions regarding the economy have worsened,” he said.
The survey also said that it is difficult for most Pakistanis to make big expenses. Compared to a year ago, about 91 percent of people were less confident with buying a car or a house than before. Likewise, 90 percent were skeptical about making large purchases from households.
Yet some economists doubted the survey results.
“If 31% people lost their jobs, why aren’t they out on the streets protesting?” asked Abid Qaiyum Suleri, executive director of the Sustainable Policy Development Institute. “I just can’t digest these statistics,” he said.
The index represents customer expectations about their local economy’s current and future condition, personal financial conditions, income, and trust to make large investments.
IPSOS study results are based on data collected from a nationally representative sample of 2,900 people aged between 19 and 65. It was done in December 2019.