Belgian companies fear that 60,000 jobs could be lost next year

Figures released by the National Bank of Belgium show that loss of turnover among Belgian companies has risen to 17% so far in November. This is 3% worse than the figures for the period between 1 August and 31 October. However, the fall in turnover is still only half what it was during the first lockdown. 

The figures from the National Bank show that the self-employed and small businesses are particularly badly impacted by the lockdown measures.  This is especially true for businesses in the hospitality, retail, wholesale and  real estate industries. Although the fall in turnover is much less than what it was during the first lockdown many companies fear for their future.

The companies surveyed expect turnover to remain 12% under normal levels during 2021. Job losses in the private sector are expected to be just under 60,000.

12% of companies survey consider the risk of bankruptcy during the coming weeks or months to be likely or very likely. This is the case among 29% of companies active in the hospitality industry, 28% of those in art, entertainment, and recreation industries, 20% of those in transport and logistics and 17% of those in non-food retail.

The National Bank also notes “a structural increase in e-commerce” since the start of the coronavirus crisis.

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