BCCI President: It’s Too Early to Talk of Growth, Decline Should Be Mitigated First

Business | December 14, 2020, Monday // 10:49
Bulgaria: BCCI President: It’s Too Early to Talk of Growth, Decline Should Be Mitigated First bgnes

There are few sectors in the Bulgarian economy that have used of the opportunities the crisis offers. Many companies are struggling, said for the Bulgarian National Radio (BNR) President of the Bulgarian Chamber of Commerce and Industry (BCCI) Tsvetan Simeonov.

BCCI surveys show a high share of pessimists among business representatives. "The overall mood is two, in some aspects, three times more negative than at the same period last year. And business is the best indicator of what will happen to us in the foreseeable future", said Simeonov.

It is too early to talk about growth, rather we should try to mitigate the decline as it is expected to reach 7%, commented Tsvetan Simeonov in the radio show "Before All". In his words, the optimism of the summer has proved premature.

So far, more attention has been paid to keeping the existing business afloat at all costs, but in one part this message is wrong, noted Tsvetan Simeonov. He believes that with sufficient data and analyses for the sector in which a business works, it should be reoriented in time if prospects are poor.

"All companies need to look at their economy, their internal activities, see to what extent they can optimize the number of employees."

Regarding the sharp increase in the number of unemployed, the Chairman of the BCCI predicts that "the trend towards dismissal of employees will persist for some time to come."

Small and micro-sized enterprises should not worry about not having the capacity, enough money and information, Simeonov pointed out, and advised them to "make bold plans" because banks can assess whether their business plan is feasible or not by lending low-interest loans.

Too many  conditions for the use of measures in support of business and cumbersome administration have prevented some of the companies from taking advantage of these measures at the beginning of the crisis, said Tsvetan Simeonov, according to whom big steps have been taken, but administrative procedures need to be simplified.

'Our administration can't introduce an e-government and everything is going on in a terribly sluggish and cumbersome way.'

Companies continue to have no websites, but want to stay on the market under conditions when everything goes through digitalization, Tsvetan Simeonov stressed.


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Tags: BCCI, business, prognosis

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