THE ECONOMY RAISES CONCERN

There was near universal anxiety about the economy ahead of the election

As the countdown to the presidential election reached a climax in the first week of September, the corporate community continued to contend with pressing concerns on the business front – notably high taxes and political interference.

Fifty-two percent of executives this time around cited both high taxes and political interference as their primary worries, up from 43 percent and 42 percent respectively in August.

In the latest LMD-PEPPERCUBE Business Confidence Index (BCI) survey, brain drain shot up to third place (from outside the top five in August) with a quarter (25%) of respondents identifying it as a major issue – that’s a spike of 11 percent.

According to the exclusive survey, the lack of raw materials entered the top five concerns, also with a count of 25 percent in September.

Interest rates now occupies fifth place with 21 percent of respondents highlighting it as a concern, which is down from 28 percent in the previous month.

On a national scale, a whopping majority of 92 percent of poll participants cited the economy as their primary concern, marking a substantial 29 percentage point hike from August.

Unease about the cost of living rose from 61 percent in August to 64 percent in September while concerns among businesspeople about the political culture edged down by two percentage points to 52.

Poverty also emerged as a top five national issue with 28 percent of respondents expressing concern about the plight of the poor. Meanwhile, the education system dropped to fifth place with 18 percent citing it as a worry.

– LMD