expect activity to significantly contract in 2009, a survey has
shown.
factoring subsidiary Eurofactor, and involving 3,000 companies with
6 to 500 employees, showed that the downturn in confidence has been
more severe in the UK and Spain – the two countries directly
affected by clearly identified financial shocks (deep real-estate
recession, bursting of a credit bubble).
Spanish companies were the most pessimistic, with 57 percent of
them forecasting a decrease in revenues. Between 15 and 25 percent
of all companies also expected a decrease in profits.
The number of business managers expecting difficulties in
accessing credit has increased to 30 percent. But many more
companies said they will not resort to credit because they expect a
weaker demand and the rising cost of risk.
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Around 67 percent of British SMEs have said they have bad debts,
but all countries have been affected.
Overall, around 10 percent of surveyed companies expect their
workforce to shrink, while 80 percent expect their workforce to
remain unchanged.
