Business confidence in the Pacific is improving with 74% confident they will survive COVID-19 (up from 70% in Survey 2)
The results have been published in Pacific Trade Invest (PTI) Pacific Business Monitor Report. This report accumulates the result of fortnightly 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 Survey 2 include:
COVID-19 continues to have a negative impact on businesses. The level of impact on businesses is on par with the last wave, with two-thirds reporting a very negative impact in Survey 3.
In line with a steady negative impact on business, two-thirds of businesses continue to report a significant decline in revenue due to COVID-19.
As the negative impact on businesses and revenue has remained steady this wave, perception of the local economy remains relatively steady as well, with nearly three-quarters continuing to report a negative impact on the local economy.
74% are confident their business will survive the COVID-19 crisis (up from 70% last survey).
The level of uncertainty surrounding when businesses expect to return to business, as usual, is declining (17% vs 23% last wave), which may explain rising confidence. Just under half of businesses expect to return to normal in 2021, but less expect to return this year.
The voice of the Pacific's Private Sector is stronger together - The fourth survey is open until Sunday 5 July we encourage all businesses in the Pacific to be part of this important ongoing research.