Business confidence continues to hold firm

“Sri Lanka’s sole barometer of business confidence edged up to above where it stood a year ago despite ominous signs that the economic crisis is unlikely to abate anytime soon,” says LMD, in its forthcoming March edition.

It explains: “The BCI edged up by two basis points from the previous month to register 124 in February, which represents a 10-month high. This means that the unique index is four notches higher than a year ago and a healthy 15 points above its 12-month average of 109.”

This is the third month in succession that the barometer has headed north, despite the state of the economy, the forex crisis, ongoing shortages of essentials and an on-off power scenario, the leading business magazine observes.

NielsenIQ’s Director – Consumer Insights Therica Miyanadeniya says in LMD: “In spite of rising COVID-19 cases, life seems to go on. Businesses and the people are learning to live with virus, it seems; and the fear that it commanded in the past has diminished.”

A spokesperson for LMD states: “Businesspeople may continue to adopt a longer-term perspective if there’s a resolution to the forex crunch in sight – and for that to materialise, there are increasing calls for debt restructuring measures to be adopted.”

“A solution to the power crisis and the impact of the war in Ukraine will also weigh on the minds of corporates in the shorter term,” he adds.

Media Services, which publishes LMD, says the latest 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).