Survey: Small business owners optimistic about post-COVID recovery – Saudi Gazette

Survey: Small business owners optimistic about post-COVID recovery – Saudi Gazette

DUBAI/ RIYADH/ CAIRO “” Facebook, in partnership with the World Bank and the Organization for Economic Cooperation and Development (OECD), on Thursday published the Global State of Small Business report based on a survey of small business owners from around the world.

The report is the first in an ongoing series that was planned before the virus struck and is based on data from surveying more than 30,000 small business leaders across more than 50 countries.

Small businesses are the heart of the community “” and the unsung heroes of the global economy. From coffee shops, bookstores and restaurants to plumbers, wedding planners and graphic designers, small businesses create jobs and growth in every country, helping to reduce poverty and income inequality.

But they are facing the challenge of a lifetime. The COVID-19 pandemic is not just a public health emergency, it is also an economic crisis that is hitting small and medium-sized businesses exceptionally hard. Globally, 26% of SMBs reported that they had closed between January and May 2020 “” over 50% in some countries.

SMBs are in urgent need of cash and customers to run businesses and pay salaries. The report saw a significant proportion of SMBs reducing their workforce in response