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Partial easing of the COVID-19 lockdown improves the business climate, but it remains below potential

The Business Climate Index (BCI) slightly improved by about 11.6 basis points from 45.2 in the previous quarter (January-March 2020) to 56.8 in the current quarter (April-June 2020). The slight improvement was driven by a rise in business perceptions across all sectors.

The favourable perceptions across all three sectors are attributed to the partial opening of the selected sectors of the economy from the COVID-19 pandemic lockdown during the current quarter. In terms of business constraints, insufficient demand, limited access to finance, and concerns over the cost and reliability of electricity supply continue to constrain business competitiveness, and their severity was perceived to have been elevated during the current period.

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