Economic positivity returns: Survey

Thursday, 29 September 2022 03:44 - - {{hitsCtrl.values.hits}}

“Economic optimism returns as the encouraging reliefs after several months of intense hardship seem to have a positive bearing on both the Business Confidence Index (BCI) and Consumer Confidence Index (CCI),” reported business magazine LMD, in its September edition.

“The BCI has risen by 32 basis points to 81 from last month’s dismal 49 points. The CCI has picked up in spite of high inflation and moved six basis points to 18, from last month’s 12 points,” observed NielsenIQ’s Director – Consumer Insights Therica Miyanadeniya.

Some of July’s sense of positivity has carried over into August, LMD notes, adding: “As we see a decrease once more (from 82% to 73%) of respondents to the LMD-NielsenIQ BCI survey who have a drastic assessment of the economy, and anticipate a deterioration in the next 12 months.”

The magazine also noted that “there is only a slight movement of opinion among businesspeople who expect an improvement – but still encouragingly in double digits, from 15% in early July to 12%. Furthermore, the number of executives who expect the status quo to continue for a further 12 months has risen dramatically from three in every 100 respondents to 15”.

“Though there is still ground to cover to reach the level of confidence of six months ago (79%) with regard to an improvement in sales volumes, 61% of businesspeople polled in August said that their company’s sales volumes will ‘stay the same’ or ‘get better’ in the 12 months ahead,” it added.

Media Services, LMD’s publisher, said the latest edition of the magazine has been released. Its digital edition is also available on WhatsApp and the publisher’s social media platforms.

Its exclusive Cover Story, CIMA’s recently appointed President Melanie Kanaka was quoted as saying that: “It’s no secret that our country is going through challenging economic times but we’re an incredibly resilient nation and will come out stronger.”