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Companies fight for survival as pandemic ravages income

From The Essential

By | [email protected] | April 17, 2020 12:07pm

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The paralysis stemming from the coronavirus pandemic put self-employed and unregistered workers at serious economic risk from the start, as they were left with little to no income from their usual jobs. But the scope of the problem could be much bigger than that, as registered workers are now also facing the problem of their employers getting into financial trouble, potentially lacking the cash to continue paying their wages as the lockdown continues.

There is little doubt now that 2020 will be the hardest year for the Argentine economy since the 2001-2002 crisis. The government is working with estimates of an 8 percent economic recession this year, but the crisis will strike even more strongly in sectors directly affected by the lockdown including several industries, tourism, commerce and restaurants.

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