Karachi, December 11, 2024 – The Overseas Investors Chamber of Commerce and Industry (OICCI), a representative body of foreign investors in Pakistan, has reported improved business confidence in its latest Business Confidence Index (BCI) Survey – Wave 26. Conducted in October and November 2024, the survey reflects growing optimism among businesses operating across Pakistan.
The BCI Wave 26 results highlight an uptick in overall confidence, attributed to positive economic growth, a stable exchange rate, and a marked decline in inflationary pressures. These factors have collectively bolstered the economic outlook and provided a favorable environment for business activities.
Yousaf Hussain, President of OICCI, remarked on the findings, stating, “The improvement in the Business Confidence Index underscores the resilience of Pakistan’s business environment amidst ongoing challenges. Government efforts aligned with IMF Extended Fund Facility (EFF) requirements have contributed significantly. These measures include an improved country risk rating by international agencies, a rise in foreign exchange reserves, and the stabilization of the rupee, all of which have supported a more positive business climate.”
The survey revealed that 43% of respondents held a positive outlook for the next six months, a significant increase from 34% in the previous survey. Key drivers of this optimism include global market growth, improved government policies, better law-and-order conditions, and reduced inflation. Businesses in the services and manufacturing sectors particularly reported notable gains.
M. Abdul Aleem, Secretary General of OICCI, emphasized the importance of sustaining this momentum, stating, “While the findings reflect cautious optimism, sustaining this improvement requires actionable measures. A transparent and consistent policy framework focused on ease of doing business is crucial to drive economic growth, attract investment, enhance exports, and create employment opportunities.”
The OICCI survey is conducted periodically and incorporates feedback from key stakeholders representing nearly 80% of Pakistan’s GDP. It evaluates the business environment at regional, national, sectoral, and corporate levels, offering valuable insights into the challenges and opportunities for the economy.
With businesses optimistic about the near future, the survey underscores the need for collaboration among all stakeholders to address remaining hurdles and ensure Pakistan’s economic trajectory continues on a positive path.