Sri Lanka’s economic sentiment picks up notes survey
Daily FT: The results of the latest LMD-NielsenIQ Business Confidence Index (BCI) survey indicate that sentiment surrounding the economy improved in September as 20% of respondents anticipate an improvement in the next 12 months – up from a mere 6% in the previous month.
However, the majority (46%) of those consulted by the pollsters believe that economic conditions will deteriorate in the coming 12 months and another 34% expect the economy to ‘stay the same’.
Moreover, the outlook for business over the short and long-term appears to have waned.
When it comes to the next 12 months, 51% of the survey sample expects sales volumes to increase compared to the 60% who said so in August.
In contrast, 19% of survey participants say that sales are likely to decline with the remaining 30% expecting them to ‘stay the same’.
As for the short term, 37% of respondents have a negative outlook for the next three months whereas a quarter expect sales to improve.
Meanwhile, the outlook for the investment climate continues to be largely negative. According to the survey, 71% of corporate executives do not consider this to be a good time to invest while 16% describe conditions as being ‘good’ or better.
Media Services, which publishes LMD, says the October edition of the magazine has been released. Its digital edition is also available on WhatsApp and the publisher’s social media platforms.
Sri Lanka’s economic sentiment continues to pick as the key economic sectors in the country continue to record a steady growth. Many economic sectors in the country showed an upward trajectory even amidst the Covid pandemic challenges. Sri Lanka’s economy has shown great resilience to external and internal challenges through the years and is once again on the path to recovery. The country is also positioning itself as a business hub in the South Asian region supported by the country’s geographical positioning in the Indian Ocean and the many trade agreements as well as concessions enjoyed by the country. The ongoing aggressive development programme has also boosted Sri Lanka’s attraction as an emerging business destination. Foreign businesses/investors could therefore explore the growing business/investment opportunities in Sri Lanka.
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