Rapid services growth

11 JUL,2022 | MEDC


According to data from S&P Global Purchasing Managers Index (PMI), services firms noted a substantial rise in new work intakes at the end of the first fiscal quarter, with the rate of increase improving to the best in over 11 years. That is largely due to new demand orders and an upsurge in economic activity, following the lifting of many pandemic-related restrictions. Although firms expect recovery in services activity to be sustained over the coming year, there are justifiable concerns from industry pertaining to inflationary pressures which adversely impact business confidence in the economy. Even if the services sector leads our post-Covid growth revival, long-term economic success will depend primarily on the robustness of our agriculture and manufacturing sectors. Much progress is also linked to tax reform, especially pertaining to streamlining GST. The rough edges in our fiscal regime need to be soon smoothened out to further enable both our services and manufacturing sectors to reach their optimal potential.

 

*Picture Credit: Google

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