The Bank released the September 2020 Business Expectations Survey. The results suggest that firms are less pessimistic about economic activity in the third quarter of 2020 compared to the previous quarter (Chart 2). Access to credit was anticipated to be tight across all markets. Meanwhile, firms expect cost pressures to rise in the fourth quarter of 2020, mainly reflecting the anticipated increase in cost of transport. Firms also expect inflation to remain stable and within the Bank’s medium-term objective range of 3 - 6 percent in 2020 and 2021.
Further, COVID-19 containment measures have negatively affected business operations in the third quarter of 2020. The most affected firms are largely in the trade, hotels, restaurants, transport and communications; mining and quarrying; finance and business services, and the manufacturing sectors. In general, firms anticipate that it will take more than a year, from September 2020, for their businesses to recover from the impact of COVID-19. The Survey Report is attached below: