Daily Times

The Overseas Investors Chamber of Commerce and Industry (OICCI) survey indicates an improvement in overall business confidence across Pakistan.

The OICCI’s Business Confidence Index (BCI) Survey – Wave 26, conducted in October and November 2024, reveals positive sentiment among businesses. The improvement in business confidence is attributed to positive economic growth, a stable exchange rate, and a significant decline in reported inflation. The improvement in business sentiment is driven by positive economic growth, a stable exchange rate, and a notable decline in reported inflation.

Commenting on the BCI Wave 26 survey findings, Yousaf Hussain, President of OICCI, added, “The improvement in the Business Confidence Index reflects an overall improvement in the economic outlook and the resilience of Pakistan’s business environment amidst ongoing challenges. The government has taken bold confidence-building measures in compliance with IMF EFF translating into improved country risk rating by international rating agencies, and a boost in FX reserves of the country which helped maintain a stable exchange rate, containing inflationary increase to record lows, all of which collectively led to a positive business environment”. The survey highlighted optimism for the next six months, with 43% of respondents expressing positive expectations, up from 34% in the previous wave. Key contributors to this positive outlook include growth in the global market, better government policies, declining inflation, improved law-and-order conditions, and economic growth.

M. Abdul Aleem, Secretary General OICCI, further highlighted that “The BCI Wave 26 feedback reflects cautious optimism among businesses, with significant gains in the services and manufacturing sectors”.

The OICCI BCI survey is conducted periodically, incorporating feedback from key business stakeholders representing nearly 80% of Pakistan’s GDP. It covers the environment at regional, national, sectoral, and business entity Secretary General OICCI emphasised that while the improvement in business confidence is positive, actionable measures are needed to sustain the momentum.