• Wednesday, November 21, 2018

Pakistan Consumer Confidence Index Hits All-Time High in Q2/2018

Discussion in 'Pakistan Economy' started by RiazHaq, Nov 9, 2018.

  1. RiazHaq

    RiazHaq SENIOR MEMBER

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    https://www.southasiainvestor.com/2018/11/pakistan-consumer-confidence-index-hits.html

    Pakistan consumer confidence index reached an all-time high of 115 in Q2/2018, up 8 points from 107 in Q1/2018, according to the latest The Conference Board Global Consumer Confidence Survey (TCB-Global). Pakistan now ranks 9th in the world. Pakistan's neighbor India's consumer confidence was measured at 124, down 6 points from prior quarter. India ranks 3rd in the world.

    [​IMG]
    Global Consumer Confidence Ranking. Source: Nielsen



    Here's an excerpt of the TCB-Global report on Pakistan:

    "In Pakistan, consumer confidence has reached an all-time high of 115, following an 8-point increase. Consumers in Pakistan are increasingly optimistic about job prospects and their personal financial situation. However, it is uncertain whether the high level of confidence can be sustained in the future. Pakistan’s new government is likely to approach IMF for assistance to address the country’s worsening external balance, which might lead to significant fiscal and monetary tightening. This, along with rising consumer prices, will pose major challenges to consumer confidence post-election."

    The survey indicates that Pakistan's domestic economy remains strong in spite of the rising concerns about balance of payments. The new Pakistani government headed by PTI leader Imran Khan is reporting some successes in alleviating these concerns with help from Islamabad's friends in Beijing and Riyadh. Saudi Arabia has already pledged $6 billion in cash and deferred oil payments. Since returning from a trip to Beijing, Pakistan's Finance Minister Asad Umar has said "Pakistan's immediate balance of payment crisis is over". It's highly likely that Pakistan will seek yet another IMF bailoutwith conditions that will force spending cuts and cause economy to slow down this year. This will hurt consumer confidence.

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    https://www.southasiainvestor.com/2018/11/pakistan-consumer-confidence-index-hits.html
     
  2. Abdussamad

    Abdussamad FULL MEMBER

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    Years of low inflation due to an overvalued rupee will definitely help boost consumer confidence. People's purchasing power has fared relatively well. Now we will have to pay the price with the rupee devaluation and rising inflation and unemployment. Confidence will plummet as will economic growth. It'll be like the stagflation years of the Zardari administration when people used to curse their rulers so much that the government decided to censor SMS messages! At least we have whatsapp now so we can vent freely!
     
  3. RiazHaq

    RiazHaq SENIOR MEMBER

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    Overseas #Pakistanis remit $7.4 billion in first 4 months of FY19. During October 2018, the inflow of worker’s #remittances amounted to $2,000.47 million, which is 37.7% higher than September 2018 and 20.9% higher than October 2017. #CAD #IMF #Pakistan https://www.thenews.com.pk/latest/3...remit-74-billion-in-first-four-months-of-fy19

    Overseas Pakistani workers remitted $7419.98 million in the first four months (July to October) of FY19, compared with $6,444.46 million received during the same period in the preceding year.

    During October 2018, the inflow of worker’s remittances amounted to $2000.47 million, which is 37.7% higher than September 2018 and 20.9% higher than October 2017.


    The country wise details for the month of October 2018 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $494.53 million, $412 million, $308.78 million, $298.80 million, $198.30 million and $57.36 million respectively compared with the inflow of $461.07 million, $333.57 million, $215.64 million, $270.46 million, $184.76 million and $51.12 million respectively in October 2017.

    Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during October 2018 amounted to $230.68 million together as against $137.83 million received in October 2017.