74% Indians Are Upbeat About Economy, Bullish About The Future, Says New Study

24/07/2015 8:16 PM IST | Updated 15/07/2016 8:25 AM IST
Indian Hindu devotees dance during the “Jagannath Rath Yatra” or the chariot festival of Lord Jagannath in Ahmadabad, India, Saturday, July 18, 2015. Rath Yatra was celebrated in various parts of the city on Saturday with colorful chariots of Lord Jagannath, his brother Balaram and sister Subhadra, being pulled by thousands of devotees that moved through the major city roads amid the joyous religious chants. (AP Photo/Ajit Solanki)

Seventy four percent of Indian respondents said they believe the economy is doing well, and are bullish about the future, says a new study by Pew Research Center. This is in contrast with fellow BRICS member Brazil, where 87 percent of those interviewed said their outlook was negative.

In China, people are even more certain that the economy is on the right track, despite a slowdown from their days of heady growth. 90 percent of them said the economy was doing just fine, and are hopeful about the future. 86 percent of Vietnamese residents expressed similar sentiments.

Respondents in Ukraine had the gloomiest outlook, not unsurprisingly given the turmoil in the region has taken a high toll on the economy. So are people in Lebanon, where 89 percent of respondents said the economy's not in good shape.

Last year, the same poll had 64 percent of Indians bullish about the economy. The 10 percentage point jump is perhaps because of a new, stable government which has made the right noises about making India an easier place to do business in.

People in advanced countries are overall pessimistic. Just 38 percent of Europeans were bullish about the economy. With the EU region struggling to grow and the crisis in Greece, that view is on expected lines.

However, sentiment is similar in the United States, which has grown quicker than Europe's advanced nations, with only four-in-ten respondents saying they feel the economy is doing well. While the economy has grown, wages have remained stagnant in the US, which might be the reason for subdued feelings. This is still up 23 percentage points from the low in 2009.

"European and Japanese views, while far from positive, have now returned to or exceed pre-financial-crisis levels. But American attitudes, while rebounding, are still more negative than they were in 2007," the study said. "This modest recovery in public economic sentiment parallels a gradual pickup in economic growth in many of these economies."

In Japan, caught in deflation for a decade, 37 percent thought the economy is doing well. But that is still way better sentiment than in 2012, when just seven percent were bullish about economic prospects.

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