Survey by The International Trade Centre (ITC) shows that the world's small and midsize businesses are being hit by the biggest impact of the pandemic-induced measures such as lockdowns, as 20% from the business said they risk permanent closure within three months. The lockdowns have led to major revenue drop and risking the survival of the business, report by Geneva-based ITC, a joint-agency by WTO and the UN.
In the global business impact survey in April to June with thousands of companies from 132 countries, almost two-thirds of the small and micro firms said that their business is strongly affected by the pandemic, and 43% of large firms had the same answer. One-fifth of the small and micro business said they have risk to permanently close if situations persist in three months. Global employment could significantly be affected as small and micro business are the biggest in employers percentages. The report said that the future of the global economy will depend on how SMEs managed to get out from the crisis.
