Companies fear drop in demand for their products and services the most

International chambers of commerce asked companies about their current situation as well as expectations.

Companies implemented anti-coronavirus measures.Companies implemented anti-coronavirus measures. (Source: TASR)

The novel coronavirus crisis continues to take a bite out of the Slovak economy. While companies partly recovered from the first wave’s lockdown, the second wave of the COVID-19 pandemic is raising their concerns. Demand for their products and services has replaced wage cost as the biggest risk for their economic development for the next 12 months, based on the latest survey of four chambers of commerce.

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“We have very much welcomed the reopening of the Slovak economy during the spring and hoped for its recovery,” said Peter Lazar, president of the German-Slovak Chamber of Commerce (AHK Slowakei). “Alas, the exact opposite has happened. We are facing huge problems and standing on the edge of another lockdown.”

Lazar estimates that the second wave of the COVID-19 pandemic will cause losses for companies, in terms of finances as well as jobs.

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