POLITICS TAKE CENTRE STAGE

Political interference dominates business apprehensions as an election beckons

Political concerns continue to loom over the business landscape as the impending presidential election approaches. Political interference has come to the forefront in July with canvassing taking root in every nook and corner.

Thirty-six percent of surveyed executives view political interference as the most pressing issue – an increase from 35 percent in June when it ranked second.

In the latest LMD-PEPPERCUBE Business Confidence Index (BCI) survey, high taxes rose to No. 2 with 30 percent of respondents citing it as a burning issue, up from 31 percent in the prior month.

According to the exclusive survey conducted in the first week of July, political instability – which was previously the main concern – fell to third place with 29 percent expressing disdain.

Inflation retained fourth place with slightly under a quarter (23%) of respondents citing it as an issue – despite it being the main worry for several months. Additionally, brain drain rounds off the top five concerns; it ranked fifth with 20 percent expressing apprehension.

On a national scale, 63 percent of poll participants said that the economy is their main concern, down eight percentage points from June.

Unease about the cost of living (cited by 45% in June) grew by seven points to 52 percent in July. And concerns among businesspeople regarding the political culture continued as the election season shifts into high gear, falling 16 percentage points to 42 percent.

In contrast, brain drain and the education system – which has been at the centre of demonstrations at schools and universities – tied for fourth place (both rose by 17%).

– LMD