Coronavirus cost jobs at a third of small firms open in May

Coronavirus cost jobs at a third of small firms open in May

One small firm ; in three around the world was obliged to cut jobs; to stay open through the coronavirus pandemic in May;  a survey showed on Wednesday; underlining how hard the outbreak has slammed the world economy. Some 26% of small and medium-sized businesses surveyed by Facebook; in partnership with the Organisation 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. To deal with what the report called “the challenge of a lifetime”; a third of smaller businesses surveyed that were in operation during the poll said; they had reduced their labour force.

“The COVID-19 pandemic; isn’t just a public health emergency''

“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. Small and medium-sized firms; with a business page on Facebook; were surveyed in the first of a series of six-monthly data collections aimed; at examining the impact of the pandemic on smaller enterprises. The coronavirus outbreak forced governments; globally to impose lockdown measures this year; crippling economic activity and tipping some economies into recession. The International Monetary Fund said ; in June it expects global output to shrink 4.9% in 2020.

Businesses led by women

The survey said; so consumer-focused sectors were hit the hardest;  Some 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. You might also be in interested in :

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