Economic Impact on Regional Businesses
Key Findings
• These findings are based on the survey of 74,031 firms carried out between July 7 to 14, 2020, to
assess the COVID-19 impact on firms' activities.
• COVID-19 community quarantine measures had a significant temporary and permanent impact on
firms' operations. In July 2020, 40 percent of firms reported the temporary suspension of their
operations 20 percent by government mandate and 20 percent voluntarily. About 15 percent of
firms reported to have closed permanently.
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Despite the easing of the community quarantine in June 2020, firms reported a deep reduction in
sales revenue. Reported sales revenue has gone down by 64 percent on average between April and
July 2020, with 89 percent of firms reporting a continued reduction in sales.
• The negative impact on employment is also extensive as 1 out of 2 firms reported having reduced
payments to employees. Close to half (48 percent) of firms reported that they reduced the number
of their employees, while the rest maintained the level of employment with only 1 percent reporting
new employment.
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