56% Indians feel economic condition in the country is good: Pew Research

Confidence among Indians on the country's economy has fallen drastically in the last one year, revealed a survey by Pew Research Center. The revelation comes at a time when the country’s economy is facing severe crisis due to rising fuel price and fall in the value of rupee.

According to the recent report by the US-based think tank, India has had the steepest fall in confidence in economy among all the surveyed countries. This is even more eye catchy as the survey revealed a general rise in confidence among participants regarding their economy.

According to the survey, in comparison to last year, when 83 percent Indians thought that their country’s economic situation was good, this year only 56 percent Indians shared this optimism.

This is in contrast with the general mood of the participants. Most nations saw a rise in confidence level over the past one year. Infact, most developed countries saw a significant rise in confident levels for the first time since what has been termed as the 'economic gloom' created due to last decades 'Great Recession.'

The number of French who are optimistic rose this year to 43 percent from last year’s 21 percent, while the confidence level in US economy increased to 65 percent in 2018 from last year’s 58 percent.  Number of the South Koreans satisfied by their country's economic situation jumped from last year's 15 percent to 31 percent this year.

While there was a general rise in optimism levels, what could be noticed was the fall of confidence levels among the people of BRICS countries that are supposed to be the future economic giants. Similar to India, Russia( 42 percent from 46 percent), Brazil (9 percent from 15 percent) and South Africa ( 35 percent from 45 percent)  witnessed decline in confidence.

However the Indian levels are still above the global average that stood at 48 percent and 43 percent among developed and emerging economies respectively.

Also, Indians were the most optimistic group among participants when it came to the prospects of the future generations. As per the survey, 66 percent Indians believed that their children will be better off financially. In comparison, only 33 percent Americans, 15 percent French and 25 percent Canadians believed the same level of optimism about future generations.

Also Read: A Decade After the Financial Crisis, Economic Confidence Rebounds in Many Countries