Pacific Trade Invest: Pacific Economic Monitor October 2020

Nov 15, 2020 | Pacific

Pacific Trade Invest’s most recent survey reports in its October Pulse that as the impact of COVID-19 continues to fuel an economic crisis across the Pacific region, our seventh PTI Pacific Business Monitor Report reveals that the extent and severity of negative effects have increased over the last month. The impact on both revenue and mental wellbeing have risen starkly across the region since our last Survey 6, conducted in September. Worryingly this month the vast majority of businesses (93 per cent) reported a decline in revenue, which is the highest number since tracking began. More than two thirds (70 per cent) of businesses labelled the decline as ‘significant’, which is also a steep jump from last month’s survey (60 per cent). Although the Pacific has remained relatively coronavirus free, emotional and mental wellbeing appears to have worsened among business decision-makers. The negative toll on mental health has increased to the highest reported (74 per cent), up almost 10 per cent from last month (65 per cent). Those reporting a very negative impact on mental health increased to nearly a quarter (23 per cent). As the pandemic continues to take a toll on business owners in the Pacific, female-led/owned businesses continue to face disproportionately more barriers to actioning initiatives in comparison to male-led/owned businesses (49 per cent vs 32 per cent). Female-led/owned businesses also face more significant declines in sales and revenue (78 per cent vs 60 per cent).

You can view the full PTI Pacific Business Monitor report here.