More than a quarter of small businesses closed during pandemic, survey finds – The National

More than a quarter of small businesses closed during pandemic, survey finds – The National

Three in four companies expect to reopen as restrictions ease, global study shows

















Facebook started Shops platform to help small and medium businesses in May as e-commerce surged amid the pandemic. Reuters







More than a quarter of small and medium enterprises around the world closed their doors at some stage in the first five months of the year due to the Covid-19 pandemic, according to a new survey.



This number surged to more than 50 per cent in some countries such as Ireland and Bangladesh while nearly 75 per cent of companies that had closed expected to reopen as restrictions eased, the survey by Facebook, the World Bank and the Organisation for Economic Co-operation and Development showed.



"The path to recovery is uncertain and many small and medium businesses (SMBs) may need support from governments or other institutions to get back on track,“ said Sheryl Sandberg, chief operating officer of Facebook.



"Still, entrepreneurs are resilient people “¦ many are optimistic about the future,“ she said.



The report, which surveyed more than 30,000 SMB owners, managers and employees in more than 50 countries in May, defined SMBs as those with 500