News Article: BLEAK: 90% of businesses in BCCEC survey report revenue drop amid COVID

Written by Natario McKenzie EyeWitness Business News May 26th, 2021

NASSAU, BAHAMAS — Just over 40 percent of businesses recently surveyed by the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) say they have seen their revenues drop by 60 percent or more due to the COVID-19 pandemic.

BCCEC Chairperson Krystle Rutherford-Ferguson, while addressing an online seminar yesterday on the promotion of China-Bahamas co-operation for mutual benefit, noted that business environments all over the world have been challenged due to the COVID-19 pandemic.

“In a recent survey conducted by the Chamber, respondents indicated that only 33 percent of staff that were furloughed have been called back to work and 90 percent said that revenues are down,” said Rutherford-Ferguson.

“In fact, 42 percent said that revenues are down by 60 percent or more.

“These statistics are not unique to The Bahamas, although our circumstances have been challenged since hurricane Dorian.”

Still, she noted that despite the bleak current state of the business environment, 78 percent of the respondents surveyed by the Chamber expressed optimism about the country’s economic rebound.

“The key in the coming two months will be to keep this positive attitude and convert optimism to reality and crisis to opportunity,” said Rutherford-Ferguson.

“As the Chamber, we will continue to host webinars which highlight opportunities and inform our members and by extension the broader business community on ways they may be able to recover, sustain and even grow their businesses in the future.”

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