PTI Pacific Business Monitor
The COVID-19 outbreak has caused a global health emergency and an economic slowdown impacting millions of small and medium-sized enterprises (SMEs) around the world, including the Pacific region.
As international tourism plays a major role in local Pacific economies, travel bans and restrictions on gatherings in particular are affecting businesses across this region.
In April 2020, the Pacific Trade Invest Network commissioned Fifth Quadrant, an independent research agency, to run a regular survey to understand the ongoing effects of COVID-19 on the Blue Pacific’s private sector.
At the end of May 2021, The PTI Network decided to reschedule the surveys to a bimonthly arrangement for the remainder of 2021.
We have received feedback from businesses of survey fatigue and that business situations are not changing and unlikely to change especially with announcements that international borders may not be open until mid-2022.
This research is still vital as currently the PTI Pacific Business Monitor is the only ongoing regional survey tracking the impact of COVID-19 on businesses in the Pacific, and we continue to receive feedback from donors and regional stakeholders of the data importance. Moving the survey to bi-monthly will allow us to keep Pacific businesses engaged in participating, while still ensuring we are still monitoring the effect of COVID-19.
Wave 14 - May Reports
In this report we see Pacific businesses’ expectations about recovery rates drop significantly, with only 12% confident of returning to pre-COVID revenue in 2021 and 50% expecting it in 2022 or later.
- The extent and severity of COVID-19 on Pacific businesses has remained stable, with 84% reporting a negative impact, which is consistent with last wave.
- 88% of businesses reported a decline in revenue due to COVID-19 (up from 85% last wave).
- 69% are confident that their business will survive the COVID-19 crisis, (up from 58% last wave).
- The top three challenges facing businesses are:
» Impact of closed international borders (91%)
» Poor cashflow (91%)
» Not knowing how long the crisis will last (89%)