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January 30, 2023

Key economic sectors see crisis to last until 2011

Most companies interviewed for a survey conducted by international management consulting company Horvath & Partners, the managers from the car, construction, IT and banking industries, believe the effects of the crisis will subside even after the end of this year. “The crisis experienced by Romania, along with the international markets, is an unprecedented one, whose long-lasting effects cannot be anticipated,” Kurt Managing, Managing Director of the consulting firm writes in a press release. 50 pc of the surveyed companies say they are not affected by crisis, even though the number of orders they received dramatically collapsed in most cases.

Furthermore, 58 pc of managers believe the recession will last for one to two years, meaning until the end of either 2010, or 2011. The businesses conducted during 2009 have obviously decreases, as 56 pc of the companies participating in the survey registered an average decline by 15 pc, while 31 stagnated at 2008’s level and 13 pc scored turnover growths. One of the biggest problems experienced by Romanian-based companies is the absence of strategy, which is provoked by the lack of innovation or the loss of market share.

IT is the only sector where situation is not that dramatic, with 50 pc of managers said things will start improving in the second half of this year and 25 pc even estimate turnover increases.

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