Firms freeze investment plans

The majority of businesses are expecting a freeze on investments and a considerable drop in this year's turnover as they face a second year with the pandemic and its consequences, while instead of being viewed as a plus, most enterprises are concerned at the rise of teleworking, an ICAP survey has found.

The survey of 1,513 corporations showed that three in every four businesses have stopped working during the lockdown or belong to sectors hurt by the pandemic. They include companies in the fields of tourism, construction, retail and wholesale commerce, services and food & beverages.

Two out of three enterprises (67%) estimate that their turnover will go down this year compared to 2019, with only 25% expecting an increase. The average decline in turnover for companies across the economy is estimated at 21%, with a similar reduction in operating profits and liquidity ...