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Business climate deteriorates as the COVID-19 pandemic upsets enterprises and the future outlook remains downcast

The Business Climate Index (BCI) sharply declined by about 59.7 basis points from 104.9 in the previous quarter (October-December 2019) to 45.2 in the current quarter (January-March 2020). The sharp decline was driven by a fall in business perceptions in all the sectors with services and manufacturing declining the most by 63 and 51 basis points respectively.

The unfavourable perceptions in all the three sectors are attributed to the global COVID-19 pandemic and the measures implemented to contain its spread.

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