AGL 38.75 Increased By ▲ 0.05 (0.13%)
AIRLINK 137.10 Decreased By ▼ -0.78 (-0.57%)
BOP 5.37 Decreased By ▼ -0.06 (-1.1%)
CNERGY 3.87 Increased By ▲ 0.09 (2.38%)
DCL 8.09 Increased By ▲ 0.35 (4.52%)
DFML 45.74 Increased By ▲ 0.12 (0.26%)
DGKC 83.30 Increased By ▲ 2.80 (3.48%)
FCCL 30.27 Increased By ▲ 0.72 (2.44%)
FFBL 57.60 Increased By ▲ 1.80 (3.23%)
FFL 9.14 Increased By ▲ 0.05 (0.55%)
HUBC 106.85 Increased By ▲ 1.25 (1.18%)
HUMNL 14.30 Increased By ▲ 0.25 (1.78%)
KEL 4.68 Increased By ▲ 0.38 (8.84%)
KOSM 7.98 Decreased By ▼ -0.25 (-3.04%)
MLCF 38.93 Increased By ▲ 0.95 (2.5%)
NBP 67.60 Decreased By ▼ -1.63 (-2.35%)
OGDC 168.99 Increased By ▲ 1.99 (1.19%)
PAEL 25.38 Increased By ▲ 0.18 (0.71%)
PIBTL 5.94 Decreased By ▼ -0.84 (-12.39%)
PPL 131.00 Increased By ▲ 0.65 (0.5%)
PRL 23.76 No Change ▼ 0.00 (0%)
PTC 15.75 Increased By ▲ 0.05 (0.32%)
SEARL 64.75 Increased By ▲ 3.27 (5.32%)
TELE 7.40 Increased By ▲ 0.36 (5.11%)
TOMCL 36.09 Decreased By ▼ -0.01 (-0.03%)
TPLP 7.86 Increased By ▲ 0.05 (0.64%)
TREET 14.93 Decreased By ▼ -0.22 (-1.45%)
TRG 45.25 Increased By ▲ 0.36 (0.8%)
UNITY 25.83 Increased By ▲ 0.32 (1.25%)
WTL 1.29 Increased By ▲ 0.02 (1.57%)
BR100 9,347 Increased By 123.7 (1.34%)
BR30 28,113 Increased By 346.6 (1.25%)
KSE100 87,195 Increased By 728 (0.84%)
KSE30 27,397 Increased By 234 (0.86%)

Ongoing political uncertainty as well as deteriorating economic indicators have dented overall Business Confidence in Pakistan, which stood at a negative 4% in November 2022, a decrease from the positive 17% announced in May 2022, showed survey results by the Overseas Investors Chamber of Commerce and Industry (OICCI) released on Wednesday.

As per OICCI’s 'Business Confidence Index Survey Wave 22' (conducted during Sept-Nov 2022), the substantial decline in overall Business Confidence is "not surprising considering the highly challenging political and economic situation during the past six months, both in the country and uncertainty in the region due to the ongoing Ukraine war".

OICCI's BUSINESS CONFIDENCE INDEX SURVEY
OICCI's BUSINESS CONFIDENCE INDEX SURVEY

“Besides very high inflation and increased fuel prices, significant currency devaluation also dampened economic activity,” said the report.

Moreover, record level of rains during August leading to severe flooding in Sindh and other parts of the country also impacted business activities, it added.

OICCI's BUSINESS CONFIDENCE INDEX SURVEY
OICCI's BUSINESS CONFIDENCE INDEX SURVEY

Survey: businesspeople pessimistic about prospects

The OICCI survey sample consisted of 42% respondents from the manufacturing sector, 33% from the services sector and 25% from the retail / wholesale trade.

“The highest drop in confidence was recorded in the services sector, followed by retail & wholesale trade, and manufacturing sector.”

The survey results showed that 73% of respondents had a negative outlook of Pakistan’s business situation in the past 6 months due to political instability, PKR devaluation, increase in fuel and electricity cost, and ineffective commercial and trade policies. “Around half of these respondents feel similar conditions will persist in the next 6 months,” said the report.

Meanwhile, only 17% of respondents had a positive outlook about Pakistan’s overall business situation due to proactive government policies, economic growth, and improved law and order situation.

Comments

Comments are closed.