The findings of KPMG Business Outlook Survey, carried out for nearly 1,400 BRIC - Brazil, Russia, India and China - service sector firms, hints at an ascend in business sentiment among the service providers across the region.

After having undergone extremes of stress and suffered confidence blows since fall last year – with Lehman Brothers collapsing and the global financial system traumatic – the survey depicts a distinct step up in the evaluation of conditions by the firms.

As per the survey, the net balance of firms predicting growth of activity during the one-year period has mounted to +43.5 from the earlier +33.8. While Brazil topped in optimistic outlook, confidence levels also bounce backed strongly in Russia and India. In China too, the sentiment remains largely positive, though slightly lower than the past survey.

However, despite the upbeat sentiment, the confidence levels of the firms are yet to match the pre-recession buoyancy levels, as the survey panelists opined that a still weak global economy may, to some extent, diminish growth prospects of their businesses.

Elaborating on the indications of the survey, Russell Parera, CEO of KPMG India, said: “The improved sentiment is encouraging and reflects the fact that many sectors have a significant dependency on the domestic market and have been positively impacted by lower interest rates, lower inflation and improved liquidity.”