The Algarve Entrepreneurs Confederation (CEAL) has compared the coronavirus outbreak to an “atomic bomb” that has fallen on Portugal and the Algarve “in particular”.
In a statement to the press, the confederation said that the “economic consequences of the pandemic are unpredictable and very worrying.
“The region’s economy depends on tourism and the current situation is creating a feeling of panic and fear for the future among companies and entrepreneurs,” it added.
According to CEAL, the Algarve will “certainly be hit the hardest”.
“The economic impact will be remarkable. We all know how dependent the many sectors of activity are when it comes to the anchor that is tourism,” the confederation said.
The initial consequences are already being felt, says CEAL, in terms of “job losses and declining revenues in companies big and small”.
While the government has already launched credit lines and support measures to deal with the Covid-19 pandemic, the confederation believes they are “insufficient” to meet the needs.
“However, the last thing we should do is panic,” said CEAL.
“We need determination and courage to face adversity.”
The confederation added that it will be at the frontline of the fight and aims to work alongside other associations and entities.
“We shouldn’t lose confidence at any point, which is why companies should always seek the best advice about the means that are already available and think about creating resistance strategies so that they can continue their path,” CEAL added.
