Ipsos, global market research and consulting firm, conducted a survey regarding the current economic situation in Pakistan, which concluded that uncontrolled inflation has become the single most worrisome issue for Pakistanis.
Results of Ipsos research are based on primary data collected from the nationally representative sample of 1,000 people.
Job insecurity is not the primary concern for the people of Pakistan anymore, according to the survey, as increasing inflation tops the list of economy-related problems.
Two-thirds of the poll respondents described the current economic situation as ‘bad’, with increasing skepticism about any improvement in their conditions, Express Tribune reported. About one-tenth of respondents mentioned increasing poverty as the most worrisome issue.
The survey was conducted a week before Prime Minister Imran Khan sacked his second finance minister Hafeez Shaikh, with the announcement that it has been done for his inability to control inflation. The survey spans from March 18 to March 24, 2021.
Survey findings also revealed that consumers have very low confidence and were reluctant to make investment decisions. Pakistanis are not very optimistic about the future of the economy and jobs either.
For 32 percent of respondents, inflation was the most worrisome issue, followed by unemployment (20 percent) and COVID-19 (16 percent), the poll results showed.
8 out of 10 people (80 percent) said that they were less confident about their job security, while 43 percent said that they lost a job in the past six months due to economic conditions.
Another notable part of the survey shed light on the wavering priorities of the government. The incumbent prime minister had campaigned about eradicating corruption more than lessening the economic woes of the people.
However, after almost three years of PTI in the government, the survey findings showed that only 3 percent of respondents said that corruption, bribery, adulteration, and nepotism were an issue for them.
The provincial division of percentage of population highlighting inflation as the biggest concern was 38 percent in Khyber-Pakhtunkhwa, 31 percent in Sindh, 31 percent in Punjab, and 30 percent in Balochistan.
Unemployment was the second most worrisome issue for the people in four provinces, followed by COVID-19, which was the third biggest worry in three provinces except for Balochistan, where it was on the fourth number among the top five most worrying issues.
Corruption was at the bottom of the top five concerns in three provinces, while for people living in Punjab, it was not an issue that could deserve their attention, according to Ipsos.
The survey also showed that people were not willing to make personal investment decisions over the next six months due to overall low confidence in the economy. Around 82 percent of respondents also said that they were less confident about making a major purchase.