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LATEST NEWS UPDATES | 74% Indians feel economy is doing well: Pew Research -Ishan Bakshi

74% Indians feel economy is doing well: Pew Research -Ishan Bakshi

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published Published on Jul 24, 2015   modified Modified on Jul 24, 2015
-Business Standard

32% of respondents expect the economic situation to improve a lot, compared with 17% last year

Despite lingering concerns over a growth revival, Indians today are more optimistic on the state of the economy than they were a year ago. According to a study by Pew Research Center, 74 per cent of Indians currently think the economy is doing well, compared with 64 per cent a year ago. Of those who are optimistic, 27 per cent call the situation in India "very good", against 10 per cent a year ago.

As for the outlook for the coming 12 months, 32 per cent of respondents expect the economic situation to improve a lot, compared with 17 per cent last year. The sharp sentiment boost in India is in line with the broader trend seen across most developing and emerging economies. The highest level of optimism is seen in Nigeria, where 92 per cent of those surveyed expect the economy to improve in the coming 12 months.

Half or more of those surveyed in emerging economies (51 per cent), as well as in developing nations (54 per cent) think the next generation is likely to be financially better off than the previous one.

In India, 74 per cent today believe their children will have a better future than they did, against from 67 per cent a year ago.

The Pew study, based on a primary survey carried out across 40 countries, points to a divergence between developing/emerging economies and advanced economies. Data show people in emerging and developing economics are more optimistic about their economic state than those in the developed world.

While 45 per cent of respondents in developing and emerging economies call the current economic situation good, this figure among those surveyed in advanced economies is lower at 40 per cent - at an aggregate level, just 39 per cent in developed countries believe their economy will improve over the next year. "This pessimism," Pew Research notes, "echoes projections by the International Monetary Fund that 2015 global growth will be marginally slower than in 2014. Only in developing nations does a majority (58 per cent) expect conditions to get better."

Business Standard, 24 July, 2015, http://www.business-standard.com/article/economy-policy/74-indians-feel-economy-is-doing-well-pew-research-115072400042_1.html


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