India 2nd most economically confident country: report

Indians have emerged as the second most confident people about their economy across the world on easing inflationary pressure and increased foreign investments, says a report.

According to global research firm Ipsos, India's economic confidence jumped by 9 points to 74% in the month of February compared to the previous month, becoming the second most economically confident country after Saudi Arabia which tops the chart with 90%.

Sweden is the third most economically confident country, where 73% are optimistic about their economy, followed by China (72%), Germany (71%), Australia (66%) and Canada (65%).

"The Indian economy has continuously recorded high growth rates and has become the second most preferred destination for foreign investments and business. India's economic growth is expected to remain robust in 2012 and 2013, despite likely headwind of double-dip recessions in Europe and the US," Ipsos India CEO Mick Gordon said.

More than half of Indian citizens (51%) believe their local economy which impacts their personal finance is good and 56% people expect that the economy in their local area will be stronger in next six months, Ipsos said.

Mick further noted that inflationary pressure eased as the wholesale price index fell, making daily consumption items relatively affordable and giving hopes that Reserve Bank of India will ease its monetary policy stance by reducing the policy rates in the coming months which will further fuel economic growth of the country.

The report, which examined citizens' assessment of the current state of their country's economy said the overall global average economic confidence remained unchanged at 38% last month.

On the other hand only a handful of those in Hungary (3%) rate their national economies as 'good', followed by Spain (4%), Italy (6%), France (7%), Japan (9%) and Great Britain (10%).

Countries with the greatest improvements include India, China, Mexico, Saudi Arabia and Turkey, while, countries with the greatest declines are Argentina, Poland, Belgium, Indonesia and Australia.

The survey was conducted in February this year among 19,216 people in 24 countries like Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Great Britain, Hungary, India, Indonesia, Italy, Japan, Mexico, Poland, Russia, Saudi Arabia, South Africa, South Korea, Spain, Sweden, Turkey and the US.