Business confidence remains weak despite upturn: survey

Business confidence in Pakistan is on the upswing, according to the latest Business Confidence Index (BCI) survey released by the Overseas Investors Chamber of Commerce and Industry (OICCI) on Tuesday. Wave 24 of the OICCI survey conducted from October to November indicated a seven per cent overall improvement over the preceding wave held in March-April. The survey paints a “nuanced picture” of business sentiments with the overall business confidence in Pakistan standing at negative 18pc, marking a positive shift from negative 25pc recorded earlier, it said. The largest increase was recorded in the manufacturing sector at negative 10pc versus negative 19pc previously, followed by the services sector at negative 18pc as opposed to negative 26pc in the preceding wave. The retail and wholesale sector, although still least confident, has seen an improvement at negative 31pc compared to negative 35pc in the preceding survey.