WASHINGTON: Ninety five per cent Pakistanis believe they are in financial trouble and blame their government for the same, says a US survey.
About 10 per cent blame banks and financial institutions, 32 per cent blame the world’s biggest scapegoat, the United States, while two per cent also blame the European Union.
A large minority, 33 per cent, blame themselves for the situation they are in.
The survey, by Washington’s Pew Research Institute, shows that 70 per cent Pakistanis in 2008 believed they were in “good personal economic situation.” It reduced to 51 per cent 2012, a 19 per cent decline in four years.
In 2008, 41 per cent Pakistanis believed their country was in a “good national economic situation.” It reduced to nine per cent in 2012, registering 32 per cent decline in four years.
Despite the problems they are facing, most Pakistanis continue to believe that they are better off in free market economy. In 2002, 50 per cent Pakistan believed in the free market, 60 per cent in 2007, 65 per cent in 2009, 64 per cent in 2010, and 48 per cent in 2012.
But the figures do show a 12 per cent decline in their trust in the free market.
In 2002, 49 per cent had little satisfaction with the country’s economic direction, which reduced to 29 per cent in 2003 but improved to 54 per cent in 2004. In 2005, it reduced to 57 per cent, and in 2006 to 35 per cent. It slightly improved to 39 per cent in 2007 but reduced to 25 per cent in 2008.
The biggest fall came in 2009 when the Pakistanis’ confidence in their economic direction reduced to just nine per cent. In 2010, it improved to 14 per cent but again fell to six per cent in 2011 and improved to 12 per cent in 2012.
Pakistanis who see their national economic condition as good have been reduced from 59 to nine per cent in less than five years.
In 2002, 49 per cent said they had confidence in their national economic condition. In 2007 it improved to 59 per cent, but in 2008, it reduced to 41 per cent, in 2009 to 22 per cent, in 2010 to 18, in 2011 to 12. And in 2012 it hit the rock bottom with only nine per cent saying they see their national economic condition as good.
Only 26 per cent Pakistanis believe the situation will improve. Twenty-three per cent say it will remain the same while 43 per cent say it will worsen.
Only nine per cent Pakistani say their personal economic condition is better than the country’s.
Asked how were they doing now compared to five years ago, 23 per cent Pakistanis said they were financially better off, 17 per cent said they were about the same and 57 per cent said they were worse off.
Asked how was their standard of living as compared to their parents at the same age, 38 per cent said better, 16 per cent said about the same and 42 per cent said it was worse.
Despite the hardships they face, an overwhelming number of Pakistanis, 81 per cent, believe hard work is the key to success. Only15 per cent say it is not.