Connect with us

Hi, what are you looking for?

Online Business Success

Pakistani witnesses record improvement in business confidence: survey


A general view of Gwadar port in Gwadar, Pakistan October 4, 2017. — Reuters/File
  • Overall BCS in Pakistan now stands at a positive score of 9%.
  • It is a record improvement of 59% — from the previous negative 50%.
  • The last time BCI was positive was back in April 2018.

KARACHI: The overall Business Confidence Score (BCS) in Pakistan now stands at a positive score of 9%, a record improvement by 59% from the previous negative 50% score in the Wave 19 Survey conducted in May 2020, a survey revealed Monday.

Overseas Investors Chamber of Commerce and Industry (OICCI) shared the results of its comprehensive Business Confidence Index (BCI) Survey — Wave 20, conducted throughout the country from May to July 2021, a statement said.

The last time BCI was positive was back in April 2018, the statement said.

OICCI BCI Survey conducted periodically, is comprehensive feedback from the frontline business stakeholders of their views on the environment and opportunities impacting their respective business operations.

The feedback covers the business environment at regional, national, sectorial, and own business entity levels in the past six months, as well as the anticipated business and investment environment in the next six months.

This survey is done face to face, across the country in nine cities, covering 80% of the GDP, with higher weightage given to key business centres of Karachi, Lahore, Rawalpindi-Islamabad, and Faisalabad.

The survey sample consisted of 40% of respondents from the manufacturing sector, 35% from the services sector, and 25% from the retailers/wholesalers.

Retailers and Wholesalers were largely affected by the COVID-19 restrictions as their business hours were cut short resulting in income, cash flow, and other issues, but after lifting the lockdown, the businesses have largely started operating at their 100% capacity.

Advertisement. Scroll to continue reading.

“This segment also believes that the next 6 months will fare better with more sales, profits, and a better situation overall for Pakistan,” the statement said.

Commenting on the improved BCS, Irfan Siddiqui, president of OICCI, observed: “The results of BCI Survey suggests a very dramatic turnaround in the confidence of businesses, including foreign investors.”

Despite challenging macro-economic indicators like the high exchange rate, accelerated inflation, partially offset by reduced bank interest rate, the Wave 20 BCI feedback strongly reflects the optimism of the business community moving forward, he said.

Moreover, Prime Minister Imran Khan said there was more “good news” on the economic front, as he shared the statistics from the OICCI’s survey.

“Dramatic rise in confidence of business especially foreign investors,” he added.



Source link

Click to comment

Leave a Reply

Advertisement

Latest

Social Media

As marketers search for creative ways to reach new leads, newsletter advertising is becoming a staple in the industry. With effective targeting and high...

Top Stories

Bitcoin (BTC) is a New York state of mind thing for Eric Adams, the crypto advocate serving as the 110th Mayor of New York...

Top Stories

Russia’s recent ban on crypto has drawn criticism from a number of big names, including Alexei Navalny’s chief of staff Leonid Volkov, and Telegram...

Online Business Success

Everywhere you look, podcast stats are growing. The number of listeners, shows and episodes has each exploded, and the industry is showing no sign...

Top Stories

Hackers attacked a number of popular crypto YouTuber accounts at some point during the afternoon of Jan. 23. The accounts posted unauthorized videos with...

Online Business Success

A logo of the State Bank of Pakistan is pictured at a reception desk at the head office in Karachi, July 16, 2019. Photo:...

Technology

This week on the iMore Show, we look ahead to some spring rumors as we all fight the cold of winter. Listen now Subscribe...

Social Media

I’m not entirely sure what value this might bring, but TikTok is reportedly working on bringing back the option to see who viewed your...

Advertisement

You May Also Like

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

SEO Guide

How to index website on Google? Do you want to drive more organic traffic to your new website? I am sure your answer is...

Blogging

In this post, I will discuss the top ten profitable blogging niches ideas for Adsense approval and high traffic. whether you use Blogger or...

SEO Guide

Want to rank in Google image search? Images that you use as a featured images when writing a post actually appear on Google Images...

Advertisement