Business confidence nosedives

Business confidence has nosedived in the last six months across different sectors of the economy, according to the Business Confidence Index (BCI) Survey (Wave-22) released by the Overseas Investors Chamber of Commerce and Industry (OICCI). Conducted across the country in September-October, the survey said the overall Business Confidence Score (BCS) dropped to negative four per cent, down 21 percentage points from the previous score of 17pc recorded in Wave-21 held in March-April. “The substantial decline in the overall business confidence to negative 4pc is regrettable but not surprising considering the highly challenging political and economic situation during the past six months. Besides, high inflation, increased fuel prices and significant currency devaluation also dampened economic activity,” said OICCI President Ghias Khan. “The record level of rains during August leading to severe flooding in Sindh and other parts of the country further restricted business activities,” he said.