Asian Small Business, Entrepreneurs, and COVID-19 News. Asia’s SMEs Beyond the COVID-19 Crisis. Measures to contain COVID- had devastating effects on Asia’s micro, small, and medium-sized enterprises (MSMEs). These firms have cut back production and service delivery during the pandemic. Some have had to temporarily lay off employees and have had difficulty raising working capital, which has hindered continued operations. MSMEs are at great risk due to abrupt supply chain disruptions and tightened financial conditions. Since prolonged containment of COVID-19 increases the risk of business failure and bankruptcy, what do these firms urgently need to survive the pandemic and thrive in its aftermath? Read more here: Asia’s SMEs Beyond the COVID-19 Crisis
COVID-19 – Impact on micro, small and medium enterprises in the Asia Pacific Region
The contribution of the micro, small, and medium enterprises (MSMEs) to the economies in the Asia Pacific region is significant. The sector contributes to economic growth, employment, and trade in these economies. COVID-19 has affected the sector severely. Due to the coronavirus pandemic, the supply chain has been disrupted within and outside the countries, and business operations have been hampered since the beginning of 2020. Due to limited economic activities and lockdown in most countries in the region, the MSMEs are finding it difficult to survive. A survey on 30,000 businesses across 50 countries by Facebook, the Organisation for Economic Cooperation and Development (OECD), and the World Bank indicates that 18% of the small and medium enterprises (SMEs) in the Asia Pacific region had to close their operations between January and May 2020. Read more here: COVID-19 – Impact on micro, small and medium enterprises in the Asia Pacific Region
Covid-19 has ravaged small businesses in Asia – will they recover?
61% of small-medium businesses (SMB) in Asia have reported a fall in sales due to the Covid-19 pandemic. However, nearly half of SMB owners in the region remain optimistic about their future outlook. This is according to a new State of Small Business Report by Facebook, the OECD, and the World Bank, which surveyed nearly 30,000 businesses across 50 countries. The report shows the full extent of the pandemic’s impact on SMBs and delves into SMB owners’ perceptions and the areas they feel they need the most support. Read more here: Covid-19 has ravaged small businesses in Asia Pacific – will they recover?