Nicaragua: Operations Ceased Due to Lack of Demand

In the context of the health and economic crisis in the country, some 54% of the country's companies have suspended work due to lack of market demand.

Thursday, June 18, 2020

The results of a survey carried out by the Superior Council of Private Enterprise (COSEP) and the International Labor Organization (ILO), indicate that in this scenario of economic contraction, in the Nicaraguan market 33% of the companies surveyed have had to lay off workers and there are 40% who are also thinking of laying off workers.

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José Adan Aguerri, president of COSEP, explained at a press conference on 16 June that "... The survey was conducted in the last two weeks and it guides us, it tells us what we are experiencing in the business sector, let's remember that on the one hand we are working on the health axis with these campaigns, with the application of biosecurity protocols in the places where we are working and we are also ensuring the supply of these essential products."

Aguerri added that "... Also I want to emphasize that 59% of these companies which have had to do to face the pandemic is to use the advanced vacations, or the forced vacations, is the main measure that the companies have been able to take, the second measure is that they have reduced the hours of work in 37%."

Regarding the new working methods, the statement highlights that 46% of the companies work in a face-to-face and distance way, it is a mix, 37% are still doing it one hundred percent in a face-to-face way and 10% are doing it totally at a distance.

One of the most worrying data is that derived from the crisis 7% of the companies surveyed closed.

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