Biz confidence at nine-month high

The latest edition of LMD reports that the LMD-Nielsen Business Confidence Index (BCI) registered 111 in November, from 102 in the previous month. 

According to the leading business magazine, this is the highest the index has been since February and reflects the views of businesspeople in the first week of November – ahead of the presidential election. 

Nielsen’s Director – Consumer Insights Therica Miyanadeniya says: “Election fever escalated amid much speculation on who would win… This euphoria is reflected in both the BCI and Consumer Confidence Index (CCI) as these indices have continued to rise.”

She adds: “The general feeling is that the direction of the Sri Lankan economy will depend on who is elected to lead the country – and there’s hope that there will be stability for business to flourish in the future.”

LMD notes that high taxes and the political climate are among the main concerns in business circles with one businessperson lamenting that “Government departments and organisations are not supporting business. They only make it harder for businesses to operate!”

A spokesperson for Media Services, which publishes LMD, asserts that “business sentiment appears to have rallied by virtue of pre-poll positivity.”

She continues: “The election cycle will recommence in the new year with a general election possibly due in the second quarter. How corporates view the recent past and immediate future will determine the direction of the index in the next few months.”

Media Services says the latest edition of the magazine is now available at leading bookstores and supermarkets. For the full BCI report, visit www.LMD.lk.