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According to COVID-19 joint study by the Ministry of Economy of the Republic of Armenia and PwC Armenia, most finance and business leaders (F&BLs) (80%) expect a decrease in revenues and profits. Even in countries with a more optimistic outlook, F&BLs believe that the economic impact of the COVID-19 will reduce revenues and profits-in Switzerland (80%), Denmark (73%), Germany (66%) and Armenia (60%).
The following issues were touched upon in the framework of the study;
- Expenditures’ reduction
- Preservation of workplaces
- Investments related to digital transformation
- And other issues.
F&BLs have mentioned, that they are planning cost reduction measures so CAPEX investments are the most likely to be deferred or canceled. This opinion of Finance and business leaders in Armenia is 75%. Middle East F&BLs indicate they are more likely to consider layoffs, in line with the delay or repeal of the workforce investment (70%). In Armenia, this percentage is 38%.
There is a bright spot in it. Which is the confidence of businesses in their ability to protect their workers. In fact, nearly two-thirds (64%) of survey respondents are “very confident” that their company can help to create a safe workplace environment for employees and by reconfiguring work sites promote physical distancing (55%). In Armenia, these measures are respectively 70% and 20%.
Source:https://mineconomy.am/news/2090?fbclid=IwAR2ZIgWR1PVoWAmm4Jo4awgQdTNVLVfTutSPE5rKRbk51BGmuysJj9ZKiiY
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