The newly released PTI Pacific Business Monitor – Recovery Series Q1 2022 report has found that whilst the negative impact of COVID-19 on businesses across the Pacific remains severe, confidence of business survival amongst respondents is high.
The findings indicate 87 per cent confident that they will survive the COVID-19 crisis - the highest figure since tracking began.
The report comes as part of the Pacific Trade Invest (PTI) Network’s recently relaunched PTI Pacific Business Monitor – Recovery Series, designed off the back of the PTI Pacific Business Monitor. The quarterly reports will continue to provide longitudinal quantifiable data to governments, donors and stakeholders as to the effects of COVID-19 on businesses in the Pacific region, while also tracking quarterly revenue, business enthusiasm, and attitudes and responses towards building back better.
Highlighting optimistic sentiments across the region, the report found that whilst 84 per cent of Pacific businesses have faced negative impacts due to COVID-19 over the first quarter of 2022, an equal number of Pacific businesses are confident of building back stronger, with 47 per cent even expecting their revenue to improve over the following three months.
In line with this improving outlook, 35 per cent Pacific businesses reported seeing an increase in revenue over the first quarter of the year, with 47 per cent expecting this to improve over the following quarter.
PTI Australia Trade and Investment Commissioner, Caleb Jarvis, said that while regional sentiments appear optimistic, the road to recovery remains extensive.
“While it is heartening to see early signs of positive sentiment as borders begin to re-open across the region, we must recognise that for many, the true impact of the COVID-19 crisis is still yet to be felt. Moving through this period will continue to prove challenging as the pandemic takes a toll on countries, communities, and businesses across the Pacific region. It is our hope that the PTI Pacific Business Monitor – Recovery Series can be used to inform and address these challenges as the region works to recover and build back better at every opportunity.”
The top three initiatives that businesses across the region cited as most likely to help them build back stronger include better cashflow, increased financial support, and a review of business processes.
“PTI Australia remains committed to working with the private sector to chart a path towards economic recovery throughout 2022 and beyond. Our global PTI network continue to use the data we collect to advocate for the Pacific’s private sector at a regional level, as well as inform the design and delivery of our programs across the 16 Pacific nations we service.
According to the Pacific Business Monitor – Recovery Series Q1 2022 report, the gendered impact of COVID-19 on businesses in the region remains severe, with 80 per cent of female-led businesses reporting a decline in revenue compared to only 66 per cent of male-led businesses.