Business confidence hits bottom

07 October 2015 - 02:03 By Reuters, BDLive

The Business Confidence Index fell to its lowest in 22 years in September, reflecting companies' worries about sub-par domestic and global economic growth. The index slid to 81.6 from 84.3 in August, reaching its weakest level since July 1993, said the South African Chamber of Commerce and Industry, which conducts the monthly assessment.The evaporation of optimism in the business environment was a "wake-up call" to policy makers that "something extraordinary" needed to be done to address the economic growth slowdown, Sacci economist Richard Downing said.Business-confidence levels played a role when investors were looking to invest in a country on a long-term basis, he said.The deterioration in business confidence this year had gained momentum and resembled the intensity and pace that marked the situation in 2007-8 when the global economy entered recession...

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