PTI PACIFIC BUSINESS MONITOR
The negative toll on the mental health of businesses owners has increased to the highest reported (74 per cent)
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 October Survey 7 include:
- Business confidence continues to decrease with only 67% of businesses confident that they will survive COVID-19.
- The proportion of businesses reporting a decline in revenue due to COVID-19 is the highest since reporting began at 93%.
- There is increased uncertainty in the market, with over a third of businesses responding that business will return to pre-COVID-19 levels in 2022 or later, with another third unsure.
- A higher number of female-led/owned businesses are reporting a significant decline in revenue, 78% compared to 60% of male-led/owned businesses.
- Top 3 challenges as a result of COVID-19 remain as:
- 91% Impact of closed international borders.
- 91% Not knowing how long the crisis will last.
- 85% Poor cash flow.
- Top 4 initiatives businesses need assistance with:
- 46% Financial support.
- 36% Access to new markets.
- 36% Review/Update financial position.
- 32% Improving/implementing online-commerce capabilities.
- The negative toll on mental health has increased sharply with74% of respondents reporting a negative impact on their mental health, in comparison to last months 65%. This is the highest number since reporting began.