Business confidence crawls up in October

The LMD-Nielsen Business Confidence Index (BCI) has recovered marginally following its crash in the previous month to reach 106 basis points in October, the latest edition of business magazine LMD reports.

Nielsen’s Managing Director Sharang Pant cautions in LMD that “large-scale concerns on the economy and business climate still persist.” He also notes: “While Vision 2025 has been welcomed by stakeholders, business leaders and consumers are looking for more on the ground and immediate action to rebuild lost confidence.”

The exclusive monthly survey reveals that businesspeople perceive the outlook for the economy to be more or less the same –just over one in 10 respondents state that conditions will improve in the coming 12 months.

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Where business prospects are concerned, LMD notes that sentiment continues to be negative with a mere 15% and 13% expecting better prospects for their businesses in the long and short terms respectively.

Looking ahead, a spokesperson for the magazine’s publisher Media Services states: “Judging by the latest survey results… corporate leaders and executives seem to have little confidence in what’s in store for their businesses.”

“And there’s the prospect of Budget 2018 around the corner, which could come with a few surprises of its own. In addition, the growing trend of strike action by sections of the workforce could also undermine confidence in corporate circles,” he adds.

Media Services said the November edition of the magazine is in bookstores and supermarkets. For the full BCI report, go to www.LMD.lk.