Economic climate continues to be overcast – Survey

Wednesday, 12 April 2023 04:31 - - {{hitsCtrl.values.hits}}

The April edition of leading business magazine LMD notes that there are “mixed feelings about the economy in corporate circles.”

However, NielsenIQ’s Director – Consumer Insights Therica Miyanadeniya says in the magazine that “expectations for the future have begun to pick up slowly.”

According to LMD, 17% of the businesspeople interviewed by NielsenIQ’s pollsters in early March said they expect the economy to ‘improve’ – compared to only 7% a month ago.

“Those who said the economy is going to ‘get worse’ have also come down to 63%, from the 77% who said so in February,” Miyanadeniya points out.

And a fifth of the survey sample believe that the status quo will remain over the next 12 months, LMD notes.

On a more positive note, the magazine reports: “The disposition in corporate circles about projected sales volumes in the year ahead (i.e. that the numbers will ‘get better’) has improved from less than three-in-10 (29%) in February to a somewhat healthier 37% a month later.”

“Executive opinion with regard to sales volumes compared to the same time last year reflects a slight improvement with 17% – compared to 12% in March and February respectively – affirming an increase in numbers,” it adds.

As for the short-term forecast, LMD says that there’s been an improvement in sentiment with a fifth (versus 15% in February) expecting business volumes to ‘get better’ in the next three months – and the percentage of those who expect a worsening has edged down from 48% in February to 45% a month later.

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

The magazine’s Cover Story features an exclusive interview on prospects for the apparel industry with the former Chairman of the Hirdaramani Group Mahesh Hirdaramani. For the full story, log onto www.LMD.lk.