Hyperinflation and the mystery behind no protests

In their latest survey, Gallup & Gilani Pakistan asked a nationally representative sample of adult men and women: “Compared to ten years ago, do you feel more financially prosperous, less prosperous, or indifferent?” Surprisingly, 35% of respondents reported feeling financially better off now compared to 10 years ago. In their responses, 14% of respondents felt ‘Very prosperous’, while 21% reported feeling ‘Somewhat prosperous’ (totalling 35%). Additionally, 16% indicated ‘No difference’, 29% expressed feeling ‘Somewhat less prosperous’, 15% noted feeling ‘Much less prosperous’, and 5% either did not know or did not respond. This optimism is surprising, particularly considering the severe political and economic instability in Pakistan from 2014 to 2023. The COVID-19 pandemic further exacerbated social and economic challenges, disrupting global supply chains, which are still in the process of recovery. Following the COVID-19 lockdowns, increased government spending, combined with other factors, triggered the worst-ever wave of inflation, affecting both developed and developing nations alike.