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apple developer account for sale :MIER sees rocky road ahead for businesses

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,File pic: Foreign workers busy assembling furniture at a factory in Muar, Johor.

KUALA LUMPUR: The Malaysian Institute of Economic Research (MIER) sees a rocky road ahead for businesses as manufacturers reported a decline in sales due to a fall in domestic and external demand.

In its business conditions survey report issued late Thursday, MIER said business confidence has deteriorated sharply in 2Q2021.

“The Business Conditions Index (BCI) declined 24.3 points to a reading of 87.5 points this quarter, reaching below the threshold level since 4Q2020 where business sentiments rebounded from the COVID-19 pandemic,” it said.

The report pointed out all of the components of BCI showed a lower reading as compared to the preceding quarter.

Manufacturers surveyed experienced a decline in sales, which was attributed to the decline in domestic and external demand.

Production, capital investment and capacity utilisation have fallen in conjunction with the lower demand from local and external sources.

“The unfavourable business sentiments are partly due to the spike in Covid-19 cases over the past couple of months, which induced the reimposition of national lockdown policy to curb the infection rate.

“Consequently, this negatively affected the production and sales performance for the manufacturing industry,” it said.

The Star Online reported that as at noon Thursday, Malaysia continued to record high Covid-19 infections. There were 17,170 new cases, raising the total number to 1,078,646 cases.

Selangor continued to record high levels at 7,163 new infections and Kuala Lumpur 2,138. The death toll continued to mount, rising by 174 deaths to 8,725.

Due to the surge in infections, the MIER report said the government had imposed the enhanced movement control order (EMCO) to curb the pandemic.

This move halted some areas of manufacturing activity since factories are not allowed to operate during the lockdown period. Consequently, this negatively affected the production and sales performance for the manufacturing industry.

All of the components of BCI showed a lower reading as compared to the preceding quarter. The manufacturers surveyed experienced a decline in sales, which was attributed to the decline in domestic and external demand. Production, capital investment and capacity utilisation have fallen in conjunction with the lower demand from local and external sources.

MIER said the fall in demand might be due to the change in consumer spending behaviour. In particular, the recent spike in Covid-19 cases has induced consumers to adopt a conservative spending approach, whereby consumers are more focused on immediate needs and minimise the purchase of nonessential items.

“Furthermore, they are more likely to set aside a greater portion of their income for saving purposes, which will be used to safeguard against future financial uncertainty and uncertain medical expenses,” it said.

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