A GRTU business performance survey has found that 71 percent of respondents feel 2009 will be worse for business than this year, with 41 percent of them saying they do not expect the economy to grow.

The survey results, presented at a GRTU conference on preparing the country for the challenges ahead, found that 62% of respondents saw their turnover drop by between 10% and 30% in the second half of this year compared to the first six months, while 22 percent saw no change and 16% reported growth.

Just over three-fourths said their profits had slumped by between 10% and 30% during the same period.

Those who reported a drop in profits blamed their situation mostly on rising costs and a slowdown of the economy, although 12% also complained of too many businesses opening in their sector.

When asked what they intended doing in the near future, 56 percent said they would ‘remain the same’ while 17 percent said they would reduce the size of their business.

Six percent said they would close down.

Sixty-seven percent said they would retain their workforce but 25percent said they would lay off people. Only 8% said they expected to increase the number of their employees.