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Confidence in economy falls among Indians, says Pew report

The confidence in their country’s economy among Indians has fallen by a 27% in last one year, according to the largest of the 27 nations surveyed by the Pew research centre.

india Updated: Sep 19, 2018 22:54 IST
Yashwant Raj
Yashwant Raj
Hindustan Times, Washington
Asked if the current economic situation in the country was good, just over half (56%) of the respondents answered in the affirmative in 2018. Eight out of 10 had done so in 2017 despite the widespread disruption caused by note ban, brought in November 2016.
Asked if the current economic situation in the country was good, just over half (56%) of the respondents answered in the affirmative in 2018. Eight out of 10 had done so in 2017 despite the widespread disruption caused by note ban, brought in November 2016.(AFP/Picture for representation)
         

The confidence in their country’s economy among Indians has fallen by a 27% in last one year, according to the largest of the 27 nations surveyed by the Pew research centre.

Asked if the current economic situation in the country was good, just over half (56%) of the respondents answered in the affirmative in 2018. Eight out of 10 had done so in 2017 despite the widespread disruption caused by note ban, brought in November 2016.

But two-thirds (66%) of Indians said the situation for an average person was better than 20 years ago, compared to the 15% who said it was worse, and 10% who found no change. And an equal percentage of respondents (66%) were optimistic about the future.

Pew surveyed 27 nations in the spring of 2018 to gauge the mood of their people on the state of economies 10 years after the Great Recession of 2008, which has been described as the “worst financial crisis in global history”.

India had suffered some of the aftershocks as well but it had largely remained insulated from them and escaped the brunt of that crisis because its economy was not as intricately integrated with the global economy.

The mood has changed dramatically in some countries that were worst hit — nearly eight in ten Germans (78%) say economic conditions in their country are good in 2018, up 50 percentage points from 2009; about two-thirds of Americans (65%) are equally pleased about their economy, up 48 percentage points.

But the optimism about the present does not extend uniformly to the future. In 18 of the 27 nations surveyed, half or more of respondents believe their children will grow up worse off.

First Published: Sep 19, 2018 22:54 IST

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