45% of businesses shut in Kuwait – ARAB TIMES – KUWAIT NEWS

45% of businesses shut in Kuwait – ARAB TIMES – KUWAIT NEWS

KUWAIT CITY, May 21: Kuwait instituted the lockdowns to reduce the spread of the COVID-19 virus last March, 45 percent of Kuwaiti business owners said they have suspended or shut down their businesses, reports Al-Seyassah quoting https://www.prnewswire.com.. Another 26 percent are on the verge of collapse after seeing their revenue drop by more than 80 percent revealed a Kuwait Business Impact Survey (KBIS) published by Bensirri PR (BPR), an independent corporate, financial and political communications firm based in Kuwait.. Key survey findings show, business closure rates are high, more closures expected and to date 45 percent of respondents have suspended or shutdown their businesses.. Now in their third month of working capital pressure, 56 percent of business owners/CEOs say they cannot afford to cover their fixed costs for another two months under the new status quo.. The KBIS gathered key insights from 498 Kuwaiti businesses that were profitable in 2019 across 13 different sectors, and provides decision-makers with a direction to better understand policy decisions surrounding the future and sustainability of the Kuwaiti economy in a post-COVID-19 environment.. When asked about their outlook on market recovery, 45 percent of Kuwaiti business owners expect slower economic activity to extend into 2021..