Economic sentiment offers some hope: Survey

Monday, 13 February 2023 00:56 - - {{hitsCtrl.values.hits}}

“A number of yardsticks of measuring business sentiment reflect an improvement in overall economic sentiment,” business magazine LMD reported in its February edition.

NielsenIQ’s Director Consumer Insights Therica Miyanadeniya noted in the magazine: “A new year with new hopes, new expectations, new challenges and new issues to grapple with.”

“The legacy of 2022 lingers on like a bitter pill with anticipation that year 2023 will not be a repeat of all that happened last year. On the contrary, looming increases in tax rates and the prospect of further hikes in electricity tariffs are hanging over the heads of the people like the sword of Damocles,” she added.

According to LMD: “pessimism continues to be the name of the game with regard to expectations of sales volumes in the 12 months ahead with 45% of poll respondents expecting the numbers to ‘get worse’ – this is three percentage points higher than when the last survey was completed in early December.”

“On the brighter side of the sales equation,” it says that four in 10 businesspeople anticipate an increase in volumes in the next 12 months (as in the previous month) and 15% (17% in December) say they would ‘stay the same.’

LMD also noted that: “Once more, there’s no major change in executive opinion with regard to sales volumes compared to the same time last year with only 31% reporting an increase in business (versus 27% in December and 29% in November).”

Media Services, LMD’s publisher, said 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 JAT Holdings Managing Director Aelian Gunawardene, in a no-holds-barred interview about the plight of Sri Lanka’s exporters. For the full story, log onto www.LMD.lk.