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India most optimistic despite crisis

Despite the economic crisis, Indians are more optimistic than their peers in developed nations like Japan, France, Germany, and the United Kingdom, according to Worldwide Independent Network (WIN) survey.

business Updated: Jan 15, 2009 21:54 IST
Devraj Uchil

Despite the economic crisis, Indians are more optimistic than their peers in developed nations like Japan, France, Germany, and the United Kingdom, according to Worldwide Independent Network (WIN) survey.

The research on Crisis Index by WIN figured India in the top three on criteria like optimism, income expectation, buying property, trust in government, stability of banks and stock market.

Out of 100 people surveyed in India, 39 were optimistic that the economy would improve in next three months while only 14 feared it could get worse. Brazil came second with 34 per cent optimistic that the economy would improve in the next three months. On this chart, Japan ranked last with only 2 per cent optimists against 70 per cent believing that the situation will get worse.

The survey held across 17 nations, including BRIC and G8 countries found India, Brazil, China, Netherlands, Switzerland and the US the most optimistic, while 49 per cent of respondents felt that the economic situation would worsen in the next three months. Sixty per cent from G8 countries had a negative outlook on the financial situation.

The Obama factor seems to have buoyed US citizens’ trust in government. While the trust level of the survey was 5.2 out of 10, respondents from the US posed confidence level of 6.3 in their government. Chinese trusted their government the most with 7 per cent, while in India the trust level was high at 6.6 per cent. Respondents in France, Germany and the UK, once
again, expressed a very negative view.

Surprisingly, the outlook on income was rather positive with only 24 per cent of respondents believing that their income would decrease over the next 12 months. In Brazil, 79 per cent believed that their salary would increase over the next 12 months, while 47 per cent felt the same in India. However, buying a house came as the last thing on people’s mind. It was not a good time to buy property was what more than 60 per cent citizens from Italy, Spain, Netherlands and Iceland believed.

Indians posed faith in the stability of banks and the stock market by posting 6.8 and 5.5 out of 10 respectively. On the average, respondents showed a level of trust of 5.3 out of 10 in the stability of banks. UK with 4.2 and Germany with 4, showed low level of confidence on the banking system.