Bahrain's business owners are warning of a massive wave of layoffs this year amid ongoing economic stagnation, according to a report.

They are no longer in a position to maintain local workforce due to repercussions of the global economic crisis as well as political and security conditions prevailing in the country since 2010, our sister paper Akhbar Al Khaleej quoted them as saying.

They urged the government to help businesses recover by more investments and new projects that have greater involvement of the private sector.

The government hasn't made any move to help them recover from the recession that has hit a number of vital sectors while banks are refusing to finance investors, they complained. – TradeArabia News Service