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