Pacific Business Monitor Survey 2: Pacific Trade Invest. The Impacts on Businesses in the Pacific.
Introduction:
The Covid-19 outbreak has caused a global health emergency, and a global economic slowdown impacting millions of small and medium-sized enterprises (SMEs) around the world including the Pacific Travel bans and restrictions on gatherings have particularly affected businesses in the Pacific, with tourism playing a major role in local economies.
Pacific Trade Invest (PTI) has commissioned Fifth Quadrant, an independent research agency, to run a fortnightly survey to understand the ongoing effects of COVID-19 on the Pacific’s private sector. The second wave of PTI’s “Pacific Business Monitor” surveys includes responses gathered from 1-7 June 2020 from 143 businesses across the Pacific Islands.
This report includes data from the top three Pacific Countries that provided responses from (Fiji, PNG and Niue), providing insights into the nuances between different Pacific countries and the effect COVID-19 is having on the private sector.
Impacts on Businesses in the Pacific:
- The level of impact COVID-19 is having on businesses is starting to decline, with fewer businesses (88%) in Survey 2 reporting a negative imapct compared to 91% in Survey 1. Fiji remains the most heavily affected with nearly three-quarters reporting a very negative impact.
- The proportion of businesses reporting a significant decline in reveue due to COVID-19 has dropped to 66% (down from 79% in the last survey).
- 70% of businesses are confident they will survive COVID-19, but 50% don’t expect revenue to return to pre-COVID levels until 2021 or later.
Review the data and read about the Challenges & Support Needed, the Personal impacts on business decision-makers, and more by clicking here.
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