Economic climate under cloud: Survey

Wednesday, 30 August 2023 00:55 - - {{hitsCtrl.values.hits}}

Business magazine LMD reported, in its August edition, that: “businesspeople are grappling with uncertainty as the economic outlook remains unpredictable.”

NielsenIQ Consumer Insights Director Therica Miyanadeniya, emphasised that there’s been no improvement for businesses or the public with inflation at the forefront of their woes yet again.

She explained: “High taxes imposed on businesses continue to be a concern; and even though inflation has come down, the high price of goods and commodities has left people struggling to make ends meet.”

LMD reported: “The results of the most recent monthly survey reveal a 3% decline (down to 26%) in July among businesspeople who expressed optimism about the economy improving in the next 12 months.”

It added: “Meanwhile, nearly three in 10 expect the economy to remain unchanged.”

“There is a glimmer of hope,” LMD asserted, noting that the number of executives that expect the economy to worsen has dropped. In July, 45% of respondents expressed this sentiment compared to 49% in the preceding month.

A spokesperson for the leading business magazine said: “Thankfully, the latest numbers represent a notable improvement compared to the 77% naysayers’ count recorded in February.”

As for sales volumes, 32% of poll respondents anticipate sales volumes to worsen, compared to a quarter in the previous month, LMD noted.

Additionally, 19% of respondents report an increase in sales volumes compared to the same period last year. In the meantime, 22% note that their sales numbers have stayed the same and a majority 59% reveal that the numbers have decreased.

LMD’s publisher, Media Services, said the latest edition of the magazine will be released shortly. Its digital edition is shared on WhatsApp and the publisher’s social media platforms.

The magazine’s cover story revolves around the ‘Green-Blue Economy’.