The Down Town Owners and Merchants Association is warning citizens to brace themselves for tough days ahead.
However, DOMA President, Gregory Aboud, believes without cooperation and hard work the nation cannot survive challenging economic times.
Mr. Aboud assessment comes on the heels of the Central Bank’s latest monetary policy announcement that the economy has contracted by two percent in the first six months of the year.
The Central Bank said the decline took place in both the energy and non-energy sectors and this was mainly due to a slowdown in construction, distribution and manufacturing.
Mr Aboud noted that the development was implications which cannot be treated lightly.
The business official said no is not the time for panic and alarm but for maturity and focus.
Down Town Owners and Merchants Association President, Gregory Aboud.