Revenue of 65 percent of entities decreased

2020-03-25 18:31:32

The Mongolian National Chamber of Commerce and Industry (MNCCI) today presented a result of a survey ‘COVID-19 infection: Workplace impact survey’ conducted among entities.

About the effect of COVID-19 on business operation especially in workplace of entities and companies, a total of 33 percent of over 1500 entities and companies which participated in the survey answered that they cut their workforce. 

“According to the previous study made on March 3, 4.5 percent of entities said they are facing job cuts, but the number grew up to 30 percent today. Moreover, 57 percent of companies answered COVID-19 highly affected their businesses two weeks ago, whereas the number reached 67.4 percent today,” President of the MNCCI O.Amartuvshin said.

Furthermore, 65 percent of them answered their revenue has decreased, 42 percent answered their business activities have interrupted and 30 percent answered they have lowered all the necessary expenses.

“Therefore, there is huge risk that nearly 260 thousand people to lose their jobs and over 20 thousand entities to stop their operations if the government won’t take measures for protection of business entities. Moreover, I am reminding repeatedly that socio-economic crisis is to create. It was revealed by the survey result and current condition,” he added.

Light industry, food, hotel, public food service, trade, education and service provider sectors are included in the sectors that cut jobs.