Business confidence at 12-month high

Monday, 1 July 2024 00:34 - - {{hitsCtrl.values.hits}}

In its forthcoming July edition, LMD reports that business confidence has spiked for a fourth consecutive month and breached the 100 mark, to a 12-month high.

LMD adds: “The LMD-PepperCube Business Confidence Index (BCI) has shown steady but tepid growth, reaching the 101 point threshold in May (vs. 96 in April).”

“This marks the barometer’s return to above 100 after a year, following its post-aragalaya peak of 108 in April 2023 when ironically, the IMF’s Extended Fund Facility (EFF) was approved. Despite this improvement however, the index remains below its all-time average of 122,” the magazine explains.

PepperCube Consultants observes that optimism about the economy has held since April while the corporate sector’s outlook for sustaining business volumes improved in June.

It adds that businesses seem to be preparing themselves for the unpredictable political climate ahead as the nation approaches a crucial Presidential Election.

A spokesperson for the magazine states: “The reality is that the corporate community is already contending with the effects of political instability and interference. And they as the top two concerns, followed closely by high taxes.”

In addition, PepperCube observes: “The economy, politics and the political culture continue to be the most pressing national issues as the corporate community braces itself for the upcoming election.”

Media Services, LMD’s publisher, says the latest edition of the magazine will be released shortly. Its digital version has been shared on the publisher’s social media platforms (the full BCI report will be uploaded on its website – www.LMD.lk).

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