Business confidence plummets

Saturday, 2 December 2023 01:21 - - {{hitsCtrl.values.hits}}

In its December edition, leading business magazine LMD reports that business confidence has plummeted to a 15-month low.

It elaborates: “Biz confidence has nosedived. And we may have to tighten our seatbelts and prepare for a hard landing when businesspeople take cognisance of the 2024 Budget proposals presented in Parliament on 13 November.”

The magazine notes that the Business Confidence Index (BCI) shed 17 basis points in November, to fall to 58.

“While the biz barometer has exhibited a degree of volatility in its trajectory, the sudden free fall in its fortunes tells a story of a nation on edge. This marks the first instance since July last year that the index has fallen below the 60 basis points threshold,” it observes.

A spokesperson for LMD adds, “The business community’s verdict on the budget proposals is pending, because the November survey was conducted in the first week of the month – meaning, ahead of the Budget presentation a week later.”

“This means that next month’s BCI outcome could paint an even darker picture of how businesspeople perceive the outlook for the new year,” he adds, noting also that the prospect of elections in 2024 may not bode well for the barometer of business sentiment in this country.

LMD’s publisher, Media Services, says the December 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).

Business...

“While the biz barometer has exhibited a degree of volatility in its trajectory, the sudden free fall in its fortunes tells a story of a nation on edge. This marks the first instance since July last year that the index has fallen below the 60 basis points threshold,” it observes.

A spokesperson for LMD adds, “The business community’s verdict on the budget proposals is pending, because the November survey was conducted in the first week of the month – meaning, ahead of the Budget presentation a week later.”

“This means that next month’s BCI outcome could paint an even darker picture of how businesspeople perceive the outlook for the new year,” he adds, noting also that the prospect of elections in 2024 may not bode well for the barometer of business sentiment in this country.

LMD’s publisher, Media Services, says the December 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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