Sunday, 27 September 2020 08:59

Business sentiment continues to move up despite Covid uncertainty

Sri Lanka’s business sentiment continues to move slowly despite the uncertainty triggered by Covid-19 contagion, latest survey revealed.

The latest LMD-Nielsen Business Confidence Index (BCI) survey also paints a slightly more positive picture as reflected by the uptick in corporate sentiment in September.

Nielsen’s Director – Consumer Insights Therica Miyanadeniya comments: “The COVID-19 situation seems to be abating, the general election has come and gone, and life is slowly returning to some sort of normalcy. However, businesses as well as the people continue to grapple with the aftereffects of the pandemic.”

According to Miyanadeniya, “many businesses have had to cut down on their workforce as well as reduce wages to survive. This of course, has a ripple effect on the people as their wages have been constricted or they’re now out of work; and with many establishments freezing employment, this has a dire effect on the public.”

“Coupled with this is the effect on the tourism industry and associated supply chains, as well as the numerous SMEs, which have been hit hard by the pandemic,” she added.

The impact of COVID-19 remains the most pressing issue for business in Sri Lanka, followed by the likes of inflation, taxes, interest rates, workforce standards and import restrictions.

Meanwhile, when it comes to the main national concern, it is the coronavirus that takes pride of place with the economy also being highlighted by survey respondents – along with the adverse effect on daily wage earners and the state of the education system.

(LIN)

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