Pakistan business confidence score drastically plunged in last six months, reveals latest OICCI report
KARACHI – Pakistan's business confidence score has plunged by 21 percent in six months, according to the Overseas Investors Chamber of Commerce and Industry (OICCI).
The OICCI's Business Confidence Index Survey (Wave-22) shows a comprehensive feedback from frontline business stakeholders in respect of their views on the environment and opportunities impacting their respective business operations.
The feedback covers business environment at regional, national, sectorial and own business entity levels in the last six months as well as the anticipated business and investment environment in the next six months.
Conducted across Pakistan in September and October this year, the Wave-22 survey said the country's overall business confidence score (BCS) dropped to -4 percent from the previous score of 17 percent recorded in Wave-21 held in March-April.
“The substantial decline in the overall Business Confidence to negative 4 percent is regrettable but not surprising considering the highly challenging political and economic situation during the past six months,” OICCI President Ghias Khan said in the survey report.
"Besides very high inflation and increased fuel prices, the significant currency devaluation also dampened the economic activity. The record level of rains during August leading to severe flooding in Sindh and other parts of the country further restricted the business activities."
The Overseas Investors Chamber of Commerce & Industry (OICCI) serves as the national point of reference for foreign investors in Pakistan.
The survey is done face to face, across the country, covering 80 percent of the GDP, with higher weightage given to key business centers in the country, like Karachi, Lahore, Rawalpindi-Islamabad and Faisalabad.