Many businesses expect to recover from coronavirus within a year
A researcher from the University of Amsterdam has found that while many entrepreneurs believe they will recover from the current economic downturn inside of a year, business leaders in the wake of the coronavirus crisis is widely varied. Henk Volberda, Professor of Strategic Management and Innovation at the University of Amsterdam (UvA), surveyed 800 senior managers in the Netherlands, with 80 percent saying they expected to return to pre-crisis levels within a year, and about half of those surveyed thought six months would be enough.
About 20 percent painted a far gloomier picture, and were not nearly as optimistic about the situation. “It is clear that organizations active in culture, hospitality, recreation and sport have been hit pretty hard by the corona outbreak. This applies to a lesser extent to the agricultural and ICT sectors," Volberda said to newswire ANP.
On average, the business managers estimated nine months to pull out of the economic dip, with their firms returning to normal in March 2021.
Around a fourth of companies are cutting salaries to somehow minimize the effect of the health crisis, and a fourth also said they were depending on government support to keep their businesses afloat, according to ANP. About 58 percent were not utilizing government support.
