The Solomon Islands Chamber of Commerce and Industries is predicting 2009 will be a very tough year.
The SIBC reports the chairman of the Chamber, Mike Hemmer, as saying the world global financial crunch will make it tough for local companies to expand but adds there are ways to stay alive.
He says the because local companies cannot control the prices of imported goods and exportable commodities, they must look within to survive.
Mr Hemmer says private companies must spend wisely on areas that will help improve their survival.
He says the government needs to improve infrastructure, education and medical sector to enable a thriving local economy.
Mr Hemmer says this is the time the government and private sector needs to work together more closely because this year is expected to be a tough year.
Meanwhile, Mr Hemmer says there's no talk among the Chamber's membership of mass redundancy because of financial hardship.