Economist Shamubeel Eaqub said the rate of closures often picked up at the start of a recovery.
“Particularly for some sectors, because the early part of a recovery is slow. There is a disappointment gap.”
He said that was seen in the Quarterly Survey of Business Opinion (QSBO).
“Businesses were saying ‘oh, next quarter things are going to be much better’. Things were better but not as much better as they had expected. So the disappointment gap is the most persistent it has ever been in the history of the QSBO.
“A lot of businesses would have gone out and hired people or they might have made investments or they might have brought in stock so they’ll be at the edge. There is still a bunch of businesses that will struggle…