THE global recession has forced over 3'400 businesses to close in the Balearics since 2007, according to data released by the Balearic Ministry for Work and Training.
No sectors have escaped the recession unscathed and number of businesses operating in the Balearics is now similar to 2002.
The self employed have also been hit hard, the number of self employed business people has fallen by 4'480 over the past year and the President of the Balearic Association for the Self Employed claims that the government lacks the necessary resources to confront the recession.
Jaume Sitjar said yesterday that the self employed are still having to fight the banks which are still not releasing funds to help the self employed through this crisis.
The business community yesterday called for the government to come up with some real and affective measures to help the sector because if businesses are allowed to continue closing, the rate of unemployment is obviously going to continue rising and with few incentives and little assistance on offer, job creation by new businesses is going to be very limited.
Balearic President Francesc Antich recently held a meeting with the local banking sector and claimed that progress had been made and the financial sector had agreed to begin making more lines of financial aid available to the business community and the self employed.