Belgian companies estimate a loss of turnover of 37% due to the current economic crisis surrounding the new coronavirus (Covid-19).
This estimation is based on a survey of 6,906 Belgian enterprises by the Economic Risk Management Group (ERMG), a new task force set up by Prime Minister Sophie Wilmès to manage the economic and macroeconomic risks as the country takes measures to fight the coronavirus.
4 out of 10 companies have seen their turnover drop by more than 75%, according to the ERMG, with hospitality (-83%), the arts, entertainment and recreation sector (-92%) and commerce (-59%) being the most affected.
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In addition, up to 50% of the businesses surveyed reported problems with cash flow. The ERMG also said that one in two businesses surveyed has resorted to temporary unemployment.
The survey follows the news that Belgium's National Security Council will meet on 15 March to discuss whether or not the lockdown measures, and therefore the economic consequences, will continue past the current deadline of 19 April.
Jason Spinks
The Brussels Times
