Expectations of a sharp fall in turnover (of more than 20 per cent according to many firms) and great uncertainty as to the duration of the crisis have caused investment plans for this year to be reduced by 12 per cent in industry and services overall and by more than 20 per cent in the manufacturing sector – exceptionally high figures by historical standards.
Restructuring in large parts of the economy began in the first half of this decade. Prior to the crisis, some positive results were already visible in terms of productivity and competitive strength on foreign markets, but these difficult times jeopardize the process. According to our survey, about half of the 65,000 industrial and service firms with 20 or more employees are engaged in restructuring.