Islamabad: A recent survey conducted by Gallup Pakistan has highlighted a significant decline in business confidence across Pakistan, reflecting deep concerns within the business community about the current political and economic climate. As per the survey, a vast majority of businesses express pessimism regarding the newly implemented 2024 budget and the overall direction of the country under the PMLN government.

According to Gallup Pakistan, 86% of businesses do not view the 2024 budget as business-friendly. Additionally, the survey, which included 454 businesses from over 30 districts, shows that nearly 55% of businesses perceive current conditions as bad or worsening, a sentiment exacerbated by high inflation and political instability.

The findings indicate that inflation continues to be the predominant concern for businesses, with 37% of respondents identifying it as the primary issue they face. The survey also noted a decrease in workforce numbers, with 43% of businesses reporting a reduction in employees during the quarter. Additionally, the incidence of loadshedding has increased, affecting 61% of businesses surveyed, underscoring the strain on the country’s electricity infrastructure during peak summer months.

Interestingly, while the majority of businesses are pessimistic about their future prospects, certain sectors such as home décor and cosmetics remain optimistic. The survey’s results are crucial for policymakers, indicating the need for substantial economic reforms and more supportive government policies to alleviate the pressures faced by the business community.