In its latest Business Confidence Index Survey (BCI) – Wave 24, the Overseas Investors Chamber of Commerce and Industry (OICCI) unveiled a promising upswing in Pakistan’s business confidence.
The survey, spanning from October to November 2023, showcases a substantial seven percent improvement compared to the preceding wave in March-April 2023, said a news release.
The survey paints a nuanced picture of business sentiments, with the overall business confidence in Pakistan standing at negative 18 percent, marking a positive shift from the negative 25 percent recorded earlier.
The largest increase was recorded in the manufacturing sector at negative 10 percent followed by the services sector.
President OICCI Amir Paracha attributed the improvement in business confidence to “relatively stable macroeconomic indicators, favourable changes in the political and economic landscape which were also supported by some stability in FX rates and a record performance at Pakistan Stock Exchange. Key parameters contributing to the positive trend include Capital Investment and the outlook for Pakistan’s business situation in the next six months.”
OICCI’s BCI, a comprehensive survey conducted periodically across nine cities, gathered feedback from frontline business stakeholders.
The survey encompasses regional, national, sectorial, and business entity levels, with business stakeholders representing almost 80 percent of the GDP.—APP
