Global Small Business Survey: Nearly 1/3 were Closed from January to May
  • 2020-08-31
  • Entrepreneurship Research Center on G20 Economies
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  • 26% for small and medium-sized enterprises surveyed by Facebook, in partnership with the Organization for Economic Cooperation and Development and the World Bank, said they had closed between January and May 2020. The survey polled more than 30,000 small business leaders from more than 50 countries. 

    Out of the businesses that remained operational when the survey was conducted, on May 28-31, nearly two in three cited lower sales in the previous 30 days compared with the same time a year earlier. And a third of smaller businesses surveyed that were in operation during the poll said they had reduced their labor force.

    “The COVID-19 pandemic isn't just a public health emergency; it's also an economic crisis that is hitting small and medium-sized businesses exceptionally hard,” according to the report. The coronavirus outbreak forced governments globally to impose lockdown measures this year, crippling economic activity and tipping some economies into recession.

    The survey said consumer-focused sectors were hit the hardest. 54% of tourism agencies and 47% of smaller businesses working in hospitality and events management said they were closed at the time of the survey. Businesses led by women were more likely to be closed at the time of the survey than those led by men. Not only do a higher proportion of female business leaders operate micro-businesses with no employees, but female-led SMBs (small businesses) are also concentrated in the sectors that have been most affected by lockdown measures.





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