While the government insists that it has achieved economic stability and the year 2020 will be the year of economic prosperity, the common man is not convinced at all. According to a recent survey, the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation is miserably low. The survey - conducted across the rural and urban areas of the country during July-December period of this fiscal year by Ipsos, a global market research and consulting firm headquartered in Paris - shows that 79% of the consumers are pessimistic in their outlook for local and national economy. They fear the economy is likely to become weaker over the next six months, believing that the country is moving in the wrong direction.

The worryingly-low consumer confidence can be gauged from several findings of the survey: only one in 10 have described their current economic situation as strong; only one in 10 are optimistic about their well-being in near future; nine out of 10 feel less comfortable while purchasing household items as well as major items like car, houses, etc; and four out of 10 claim to be personally knowing someone having lost his job.

Inflation, additional taxes and job insecurity are the three most troubling issues for the consumers that have been surveyed by Ipsos. And why not? After all, inflation has crossed into double-digit territory from just 3.9% at the end of the PML-N government's tenure in June 2018; the burden of taxes has grown by 39%, from Rs4,398 billion in FY19 to an unrealistic Rs5,555 billion for FY20; and while no official employment statistics are available, renowned economist Dr Hafiz Pasha estimates job cuts in FY19 to be no less than one million.

The government - given that it is abiding by the IMF programme which, by definition, is anti-growth

© Pakistan Press International, source Asianet-Pakistan