Bridgetown.
President of the Barbados Chamber of Commerce and Industry Andy Armstrong(BCCI), thinks layoffs in the private sector may become inevitable if the recession continue into 2012.
Armstrong told Trakker News this was the stark reality despite a commitmet by the BCCI four years ago to sustain employment at all cost.
"So far, the private sector had for the most part kept it promise althrough this meant putting new investment on hold and watching profits shrink or disappear. Many company companies especially mall and medium ones are not in position to hold on much longer", Armstong said.
"I think many people still don't fully appreciate the duration or the severity of this recession and the impact it had on reserves in company", he added.
Armstrong said the private sector was spilt about prospects for 2012 but the majority of businesspeople expected the coming year to be characterized by fragile growth and a challenging environment much like 2011.
"Demand is down in most areas as consumers cut back their expenditure and enterprises cut back or defer spending.At the same time many cost have risen, especially in relation to energy", says Armstrong.
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