Only one in five Pakistanis believes the country’s economy is strong, and just 16 percent feel confident about investing in the future, media reports said citing a new survey by Ipsos.
According to the Q4 2025 Consumer Confidence Index Survey, national sentiment has dipped back to pre-Pakistan-India war levels with a brief surge in optimism following the conflict that temporarily united a politically divided population.
While that momentum has since faded, reflecting growing public concern in line with recent official statements acknowledging the absence of a viable economic growth model, Ipsos reported that 18 percent of respondents view the economy as strong, with confidence higher among men, youth and affluent groups.
The survey was released shortly after State Bank of Pakistan (SBP) Governor Jameel Ahmad stated that the current growth model cannot support a population of 250 million. National Coordinator of the Special Investment Facilitation Council Lt General Sarfraz Ahmad also noted the lack of a growth plan and called for an export-led strategy.
While perceptions of economic strength have slightly improved since the last quarter, they remain low compared to the post-conflict peak.
The survey also found that 89 percent of Pakistanis feel uncomfortable making household purchases. Men, urban residents and those in Khyber Pakhtunkhwa (KP) showed slightly more comfort, with 18 percent in KP compared to 10 percent elsewhere.
Comfort with household spending has declined since May 2025 but is still better than the same period last year. Inflation remains the top concern with a six percent rise in its perceived impact since the previous quarter. Unemployment follows closely, echoing the findings of a recent labour force survey that recorded joblessness at a 21-year high.
Ipsos Managing Director Abdul Sattar Babar said inflation has re-emerged as a major issue, leading to cautious consumer behavior. Only five percent of respondents feel comfortable making major purchases.
Despite these challenges, the survey highlights a rise in personal financial optimism, especially among youth. This suggests potential for resilience and future growth. Three in ten Pakistanis believe the country is on the right track, with optimism strongest among men, rural residents, upper-income groups and those in Punjab.
One in three respondents expects the economy to improve over the next six months, with youth, women, rural residents and middle-to-upper-income groups showing the most optimism. Sindh emerged as the most pessimistic province.
Confidence in job security has also risen, with 22 percent of respondents feeling secure in their employment. This marks the highest level recorded by Ipsos since tracking began, apart from the 30 percent spike seen during the post-conflict optimism wave.