Business leaders remain positive on 2021 outlook: Survey

KUALA LUMPUR: Business leaders remained sanguine in the outlook going into 2021 due to the implementation of cost-cutting measures as well as the availability of various financial support programmes, which has helped to dampen the impact of COVID-19 on businesses, according to a survey.

The Malaysian Business Sentiment Survey 2020/2021 also revealed that business leaders were hopeful that strong adherence to standard operating processes, a more sophisticated and targeted Movement Control Order (MCO), as well as the rollout of vaccines and better medical therapeutics in the coming months would help increase consumer and investor confidence.

“A majority of business leaders were of the view that the main three factors that are likely to have positive effects on businesses in the next 12 months are rising business capability, improvements in the regional economy and potential of market expansion as more economies open up due to better management of the health pandemic,” it said.

The survey was conducted by Monash University Malaysia, in partnership with professional accounting body CPA Australia.

The survey also found out that the main concerns plaguing the local market were global economic uncertainty (possibilities of the economy entering into a recession), the cost of doing business and a weakening ringgit.

Political uncertainty was ranked the fourth major concern for businesses in 2020, it added.

-- BERNAMA