Business confidence troughed in May before ticking up

Business confidence troughed during May, surpassing the plummet experienced during the severest phase of the lockdown, according to data from the SA Chamber of Commerce and Industry on Wednesday.Following the fall to 70.1 index points in May, its lowest level since the index began, business confidence picked up during June and July when it reached 82.8 points, according to the latest Sacci business confidence index.

Business confidence is seen as a necessary precursor to investment in the economy, which is critical to boosting growth and helping create jobs. Even before the lockdown, SA’s economy was in recession, with unemployment rising to a record high of 30.1% during the first quarter of the year. It also questioned whether the state has “the will and the capability” to act on allegations of corruption that have dogged the ANC and government officials, who are accused of inserting family and friends into lucrative public-sector tenders related to the state’s Covid-19 response.

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