The Malaysian Institute of Economic Research said its Business Conditions Index, which has been on a general downtrend since the fourth quarter of 2021, dropped further to 79.7 points in 3Q23. PETALING JAYA: Malaysian business confidence slumped to the lowest level since the Covid-19 pandemic, as the impact of falling export orders outweighed the slight rebound in domestic orders.
Consumers have also turned more pessimistic, with more people tightening their belts amid deterioration in personal finances and a less hopeful view on future job opportunities. The worrying pattern among businesses and households was highlighted by the Malaysian Institute of Economic Research (MIER) yesterday, following the release of the think-tank’s Business Conditions Index (BCI) and Consumer Sentiment Index (CSI). The BCI, which has been on a general downtrend since the fourth quarter of 2021 (4Q21), dropped further to 79.7 points in 3Q23. This is the lowest level since the second quarter of 2020, when businesses were shut down amid the nationwide movement control orde