Asia-Pacific SMEs cautiously optimistic in the wake of COVID-19
Small businesses in the Asia-Pacific region are upbeat about their future as they begin to emerge from the economic uncertainty caused by COVID-19.
May 25th, 2021 – CPA Australia’s 12th annual Asia-Pacific small business survey report shows many businesses remain resilient across the region despite the shadow cast by the pandemic over long-term economic recovery.
Unsurprisingly, 2020 saw every market surveyed register its lowest recorded percentage of small business growth, with Australia and Hong Kong recording the worst results.
Of the 4227 small businesses surveyed across 11 markets, a record low of 46.2 per cent of small businesses reported growing during 2020, down from 65.8 per cent in 2019.
The challenging environment has also meant 31.3 per cent of businesses shrank last year, more than double the 14.5 per cent result in 2019.
The expectations for 2021 are for a better year for many of the region’s small businesses. A total of 60.8 per cent expect to grow this year, with 20.1 per cent expecting to rebound strongly. However, the environment remains uncertain, with 17.1 per cent forecasting they will shrink or close their business.
Written by In the Black
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