Having run the survey since early 2020 as the COVID-19 pandemic began, the Pacific Trade Invest (PTI) Network have found that optimistic sentiments across the region are rising, and alongside clear articulation of ongoing business challenges and calls for support, respondents are confident of both survival and improvement.
The Q2 report shows that while 91 per cent of Pacific businesses have faced negative impacts due to COVID-19 over the quarter, 83 per cent of respondents felt confident that their business will build back stronger following the COVID-19 crisis.
In line with this improving outlook, 64 per cent Pacific businesses reported seeing an increase in revenue over the second quarter of the year, with 71 per cent expecting this to improve over the following quarter.
PTI China Trade Commissioner, Mona Mato, said that the sentiment shown by Pacific businesses to not only survive, but to build back to a stronger position than they were in before the crisis, is a promising one.
“It is heartening to witness the early signs positive sentiment as Pacific businesses begin to not only gain confidence in their recovery, but also in their ability to become more adaptable to an evolving business environment. Through COVID-19 we have seen a global transformation take place in the way we work and many businesses across the Pacific have embraced this change, adapted, and grown, often allowing them to keep their businesses running – frequently through digital means. Over this period, the importance of having a solution chain that runs deeply across processes, people and technology has shone through, as has our Pacific people’s resilience and ability to do just this.
“In saying that, we must continue to recognise that for many, the ongoing impacts of the crisis are still being felt. 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 and stronger 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, access to better skills, and a review of business processes.
“Our global PTI network remains committed to working with the private sector to chart a path towards economic recovery throughout 2022 and beyond. We will 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 Q2 2022 report, the gendered impact of COVID-19 on businesses in the region remains severe, with 66 per cent of female-led businesses reporting a decline in revenue compared to only 55 per cent of male-led businesses.
For more information about the Pacific Business Monitor - Recovery Series and to access the Q2 report findings, visit the PTI website.
Founded in 1979, PTI is an agency of the Pacific Islands Forum Secretariat and facilitates trade and investment into the Pacific Islands.