PTI PACIFIC BUSINESS MONITOR
26% of businesses don't expect a return to normal until 2022 or later
The results have been published in Pacific Trade Invest (PTI) Pacific Business Monitor Report. This report accumulates the result of regular surveys conducted by PTI’s global network, which aim to understand the ongoing effects of COVID-19 on the Pacific’s private sector.
Key insights from the PTI Pacific Business Monitor Report September Survey 6 include:
- Business confidence continues to decrease with only 68% of businesses confident that they will survive COVID-19.
- There is increased uncertainty in the market, with over a third of businesses responding that they are unsure when revenue will return to pre-COVID-19 levels.
- The proportion of businesses reporting a decline in revenue due to COVID-19 remains high and in line with previous surveys at 92%.
- A higher number of female-led/owned businesses are reporting a significant decline in revenue, 73% compared to 47% of male-led/owned businesses.
- Top 3 challenges as a result of COVID-19 remain unchanged:
- 91% Impact of closed international borders.
- 87% Poor cash flow.
- 86% Not knowing how long the crisis will last.
- Top 4 initiatives businesses need assistance with:
- 50% Financial support.
- 41% Access to new markets.
- 34% Review/Update financial position.
- 30% Improving/implementing online-commerce capabilities.
- The negative toll on businesses owners has remained steady with 65% reporting a negative impact on their mental health.