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In the third quarter of 2023, Gallup Pakistan’s recent survey reveals a notable 42% increase in business confidence compared to the previous quarter.
The Gallup Business Confidence Index report indicates a shift in sentiments, with fewer business owners holding pessimistic views about future conditions and the country’s direction.
While ongoing economic and political challenges contribute to a sense of business insecurity, the survey highlights a more positive outlook among businesses regarding their future prospects.
Concerns such as inflation, utility bills, and political instability continue to contribute to business uncertainty, although fewer businesses express a sense of hopelessness compared to the previous quarter.
Unexpectedly, a significant number of businesses showcase a positive outlook in their projections for future conditions, with 61% expressing optimism, while 38% anticipate a deterioration in the situation. The net future business confidence score has seen a significant improvement of 42% since the spring, reaching a score of 22%.
Read Also: Unlocking Economic Growth: The Special Investment Facilitation Council (SIFC) in Pakistan 2023-24
Perceptions about the country’s direction have also shown improvement over the last two quarters, with 26% of respondents expressing the belief that Pakistan is heading in the right direction.
Despite these positive trends, the overall confidence of the business community remains low due to persistent economic crises in 2022. Economic insecurity has worsened since the beginning of the year, but the business situation score has improved by 25 percentage points, according to the survey.