Business confidence picks up

Saturday, 29 October 2022 00:00 - - {{hitsCtrl.values.hits}}

The exclusive LMD-NielsenIQ Business Confidence Index (BCI) provides a semblance of relief; it has climbed a heartening 13 basis points to 89 in October, from September’s 76, the business magazine LMD reports in its latest edition.

“Little comfort though as we must acknowledge that two in five households are reportedly poorly nourished today,” it added.

NielsenIQ Director – Consumer Insights Therica Miyanadeniya says in the magazine that: “concern over the socio-political status of the country is waning as businesses and people are in a race to survive against a backdrop of extreme economic hardships.”

The business journal adds: “It seems hardly believable that only a year ago, the unique barometer stood at 111 basis points and the nation basked in an ascent that continued for five months. It’s hoped that the uptick 12 months later will set the trend for the index’s trajectory.”

A spokesperson for LMD’s publisher, Media Services, speaking exclusively to the Daily FT notes: “Despite the increase in business confidence, Sri Lanka and its private sector are in for a rocky ride. Ahead of us is Budget 2023 and whether or not the IMF grants the much needed $ 2.9 billion Extended Fund Facility.”

“And while sealing the IMF deal will bring some respite, the debt restructuring process that is apparently underway together with seeking new sources of funding and investment hold the key to Sri Lanka’s immediate future,” the magazine asserts.

Media Services says the November edition of the pioneering magazine will be released shortly, along with its digital version which will be shared on WhatsApp and the publisher’s social media platforms (for the full BCI report, visit www.LMD.lk).