• Sun. Jun 23rd, 2024

Industrial Union Survey Reveals Gloomy Outlook for Remainder of 2024

BySamantha Nguyen

May 28, 2024
Increased drop in activity, layoffs, and deferment of payments in various industries

A recent survey conducted by the Industrial Union on 1,200 industries has revealed a significant decline in activity and low expectations for the remainder of 2024. The survey’s indicators suggest a contraction in activity across various aspects such as production, employment, delivery times, and input stock levels.

While 62% of respondents believe that things will improve within a year, the overall outlook appears bleak. A majority of companies surveyed reported decreases in production (53%), sales (60%), exports (37%), and employment (24%). This decline was observed across all business segments, with small and medium-sized enterprises (SMEs) being particularly impacted.

The situation has led to staff reductions, suspensions, and reduced shifts, resulting in increased financial difficulties for many companies. Concerns were also raised about rising costs, as well as declining demand from other sectors and households. Many companies reported struggling to meet their financial obligations, with 12% facing challenges in meeting all payments, particularly in the tax area.

Despite the current challenges, there is a slight improvement in expectations for the future. A majority of companies anticipate an improvement in their economic situation within the next year. However, overall, companies expressed that their current economic situation is worse than it was a year ago. This sentiment was observed not only for individual companies but also for the sector of activity and the country as a whole. Despite the challenging circumstances, there is a sense of cautious optimism for the future with many companies hopeful for a turnaround in the coming year.

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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