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Companies expect negative outcomes during second quarter of 2009
About 74 percent of Companies in Kuwait are expecting negative outcomes during the second quarter of 2009, owing to global economic recession, the survey said.
Prepared by Dun and Bradstreet (DB), together with Muthana Investment Company, the company said that 74 percent of companies were pessimistic, which 19 percent were optimistic and 7 percent were unsure.
The survey measured the trust that the companies had about the economic sector. About 43 percent of the participating companies expected an economic recovery by early 2010, while 27 percent felt that economy would recover by end of this year.
Speaking during a press conference in Kuwait, Abdulaziz Al-Marzouq, Director General of Muthana Investment Company agreed that Kuwaiti economy is going through its toughest phase in history.
The negative impacts owing to stringent banking rules, lack of drop in interest rates, confusions prevailing new projects and drop in oil prices, have further increased investor fears, weakening the performance of the market in 2009, he clarified.
The Managing Director of DB in Middle East said that the survey ensured drop during the second quarter of this year, due to unhealthy global economy.
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