Survey shows worrying state of Pakistani economy, job market

Web Desk 12:13 PM | 19 Mar, 2022
Survey shows worrying state of Pakistani economy, job market
Source: File photo

A survey conducted by the Ipsos Global Consumer Confidence Index (GCCI) has shown concerns about the Pakistani economy, investment scenario and the job market.

The survey by the GCCI, a national survey of consumer attitudes on the current and future state of the local economy, personal financial situation, confidence to make larger investments and the ability to save, says a vast majority of the people who took part in the survey believes that Pakistan is heading in the wrong direction.

According to the survey, the number of people who were worried about the rising inflation has increased by 12 percent compared to the numbers in March 2021. The survey says that inflation, poverty and social inequality, unemployment, increase in power tariff and the burden off additional taxes have affected the people the most.

The survey says only 8% of Pakistanis rate the current state of economy as strong. Most people believe that the economy will remain weak in the next six months and there will be no improvement in their financial condition.

As many as 86 percent of Pakistanis are less secure about their job compared to the last year. As many as 50 of Pakistanis say they personally know some who has lost the job in recent months.

Here are the key insights: 

  1. Four in five respondents believe country heading in the wrong direction, situation has worsened by 7% in the past one year
  2.  Unemployment and inflation are top issues concerning Pakistanis consistently since Aug’19, compared with march of 2021, 12% more respondents reportedly worried about inflation
  3. Only 8% Pakistanis rate the current state of economy as ‘strong’. Those who decisively call it ‘weak’ have increased by 14 percentage points in the last one year
  4. Similarly, 1 in 2 foresee it remaining weak in next 6 months
  5. Also, only 8% Pakistanis rate their current financial situation ‘strong’, those who decisively call it ‘weak’ have increased by 15 percentage points in the last one year
  6. Similarly, more than half expect their financial situation to be even weaker in upcoming 6 months
  7. Reflecting last one year, 86% Pakistanis are less confident about job security as compared to one year ago
  8. 50% Pakistanis claimed to personally know someone who lost their job as a result of economic conditions, situation was slightly better an year ago
  9. 84% Pakistanis are not confident about their ability to invest in future, 85% are not confident to make a major purchase and 85% are less comfortable in making household purchases
  10. Compared with the same month last year, Pakistan Consumers’ Confidence Index has gone down by only 8.3 points, which is the lowest among similar emerging markets

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on March 27, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on March 27, 2023 (Monday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 283.1 286.15
Euro EUR 304 307
UK Pound Sterling GBP 345.5 349
U.A.E Dirham AED 77.2 78
Saudi Riyal SAR 75.4 76.2
Australian Dollar AUD 187 189.4
Bahrain Dinar BHD 751.6 759.6
Canadian Dollar CAD 205 207.2
China Yuan CNY 41.44 41.84
Danish Krone DKK 41.31 41.71
Hong Kong Dollar HKD 35.92 36.27
Indian Rupee INR 3.41 3.52
Japanese Yen JPY 2.06 2.11
Kuwaiti Dinar KWD 923.62 932.61
Malaysian Ringgit MYR 62.85 63.45
New Zealand Dollar NZD 177.56 179.56
Norwegians Krone NOK 26.33 23.64
Omani Riyal OMR 731.97 739.97
Qatari Riyal ‎QAR 77.43 78.13
Singapore Dollar SGD 208 210
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 308.97 311.47
Thai Bhat THB 8.3 8.45

Today's gold rates in Pakistan – 27 March 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 204,800 on Monday. The price of 10 grams of 24k gold was recorded at Rs175,590.   

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 204,800 PKR 2,470
Karachi PKR 204,800 PKR 2,470
Islamabad PKR 204,800 PKR 2,470
Peshawar PKR 204,800 PKR 2,470
Quetta PKR 204,800 PKR 2,470
Sialkot PKR 204,800 PKR 2,470
Attock PKR 204,800 PKR 2,470
Gujranwala PKR 204,800 PKR 2,470
Jehlum PKR 204,800 PKR 2,470
Multan PKR 204,800 PKR 2,470
Bahawalpur PKR 204,800 PKR 2,470
Gujrat PKR 204,800 PKR 2,470
Nawabshah PKR 204,800 PKR 2,470
Chakwal PKR 204,800 PKR 2,470
Hyderabad PKR 204,800 PKR 2,470
Nowshehra PKR 204,800 PKR 2,470
Sargodha PKR 204,800 PKR 2,470
Faisalabad PKR 204,800 PKR 2,470
Mirpur PKR 204,800 PKR 2,470


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