New hope for business

Manama: Bahrain’s business community has voiced its optimism about a bounceback in the national economy despite Covid challenges.

More than 73 per cent of businessmen have expressed their confidence over a potential economic rebound within two to three years, according to a new survey by Bahrain Chamber of Commerce and Industry.

The survey by the chamber’s Studies and Initiatives Centre focuses on the impact of the coronavirus pandemic on the third quarter of this year.

In the survey, the businessmen highlighted the vital role of the government stimulus in shoring up the economy and helping them when they needed it the most.

Sixty-one per cent of the businessmen expect their activities to bounce back within 12 months after the pandemic ends, according to the survey.

More than half of them, 52pc, said they plan to increase their investments in the next 24 months.

The report revealed that 35pc are also inclined to opt for a strategic rethink about their business performances within three to six months.

The stimulus financial package covered 76pc of businessmen, while 78pc benefited from the government’s decision to shoulder utility bills for individuals and companies.

Almost half of the businesses (48pc) have benefited from the government’s support for insured Bahrainis’ salaries in the private sector, while 46pc had their installments and interest payments deferred by six months.

The report showed that faced with shrinking liquidity due to the pandemic, 66pc of the businessmen slashed their operation costs and 38pc had to cancel their planned investments.




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