Economy August 4, 2020 | 7:32 am

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Over half of shuttered companies won’t reopen in Dominican Repubic

Santo Domingo.- 52% of companies that had to completely stop their activities due to the pandemic will not reopen their doors, according to a survey related to the sector by the Ministry of Industry, Commerce, and MSMEs (MICMM) and the Technological Institute of Santo Domingo (Intec).

The report indicates that just over 40% of these types of establishments had to cut their expenses to try to survive.

The greatest impact of the crisis has been a loss of clients, liquidity problems, or payment delays.

The expectation is that the recovery of the MSMEs sector, respondents said, will take more than 10 months. But there are also optimists: just over a third of companies of this type estimate that in less than six months the recovery will be evident.

Government measures to curb the spread of COVID-19 have been devastating for MSMEs. The study reveals that 98% had to close totally or partially due to the crisis caused by the pandemic.”

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