Unmasking the Impact of COVID-19 on Businesses : Firm Level Evidence from Across the World

This paper provides a comprehensive assessment of the short-term impact of the COVID-19 pandemic on businesses worldwide with a focus on developing countries. The results are based on a novel data set collected by the World Bank Group and several p...

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Main Authors:	Apedo-Amah, Marie Christine, Avdiu, Besart, Cirera, Xavier, Cruz, Marcio, Davies, Elwyn, Grover, Arti, Iacovone, Leonardo, Kilinc, Umut, Medvedev, Denis, Maduko, Franklin Okechukwu, Poupakis, Stavros, Torres, Jesica, Tran, Trang Thu
Format:	Working Paper
Language:	English
Published:	World Bank, Washington, DC 2020
Subjects:	COVID-19 FIRM PERFORMANCE EMPLOYMENT SALES REVENUE UNCERTAINTY SMALL AND MEDIUM SIZE ENTERPRISE INFORMATION AND COMMUNICATION TECHNOLOGY TECHNOLOGY ADOPTION ENTREPRENEURSHIP CORONAVIRUS PANDEMIC IMPACT LAYOFFS DIGITAL SOLUTION ECONOMIC SHOCK
Online Access:	http://documents.worldbank.org/curated/en/399751602248069405/Unmasking-the-Impact-of-COVID-19-on-Businesses-Firm-Level-Evidence-from-Across-the-World http://hdl.handle.net/10986/34626

id	okr-10986-34626
recordtype	oai_dc
spelling	okr-10986-346262022-09-20T00:08:33Z Unmasking the Impact of COVID-19 on Businesses : Firm Level Evidence from Across the World Apedo-Amah, Marie Christine Avdiu, Besart Cirera, Xavier Cruz, Marcio Davies, Elwyn Grover, Arti Iacovone, Leonardo Kilinc, Umut Medvedev, Denis Maduko, Franklin Okechukwu Poupakis, Stavros Torres, Jesica Tran, Trang Thu COVID-19 FIRM PERFORMANCE EMPLOYMENT SALES REVENUE UNCERTAINTY SMALL AND MEDIUM SIZE ENTERPRISE INFORMATION AND COMMUNICATION TECHNOLOGY TECHNOLOGY ADOPTION ENTREPRENEURSHIP CORONAVIRUS PANDEMIC IMPACT LAYOFFS DIGITAL SOLUTION ECONOMIC SHOCK This paper provides a comprehensive assessment of the short-term impact of the COVID-19 pandemic on businesses worldwide with a focus on developing countries. The results are based on a novel data set collected by the World Bank Group and several partner institutions in 51 countries covering more than 100,000 businesses. The paper provides several stylized facts. First, the COVID-19 shock has been severe and widespread across firms, with persistent negative impact on sales. Second, the employment adjustment has operated mostly along the intensive margin (that is leave of absence and reduction in hours), with a small share of firms laying off workers. Third, smaller firms are disproportionately facing greater financial constraints. Fourth, firms are increasingly relying on digital solutions as a response to the shock. Fifth, there is great uncertainty about the future, especially among firms that have experienced a larger drop in sales, which is associated with job losses. These findings provide a better understanding of the magnitude and distribution of the shock, the main channels affecting businesses, and how firms are adjusting. The paper concludes by discussing some avenues for future research. 2020-10-15T21:55:44Z 2020-10-15T21:55:44Z 2020-10 Working Paper http://documents.worldbank.org/curated/en/399751602248069405/Unmasking-the-Impact-of-COVID-19-on-Businesses-Firm-Level-Evidence-from-Across-the-World http://hdl.handle.net/10986/34626 English Policy Research Working Paper;No. 9434 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	COVID-19 FIRM PERFORMANCE EMPLOYMENT SALES REVENUE UNCERTAINTY SMALL AND MEDIUM SIZE ENTERPRISE INFORMATION AND COMMUNICATION TECHNOLOGY TECHNOLOGY ADOPTION ENTREPRENEURSHIP CORONAVIRUS PANDEMIC IMPACT LAYOFFS DIGITAL SOLUTION ECONOMIC SHOCK
spellingShingle	COVID-19 FIRM PERFORMANCE EMPLOYMENT SALES REVENUE UNCERTAINTY SMALL AND MEDIUM SIZE ENTERPRISE INFORMATION AND COMMUNICATION TECHNOLOGY TECHNOLOGY ADOPTION ENTREPRENEURSHIP CORONAVIRUS PANDEMIC IMPACT LAYOFFS DIGITAL SOLUTION ECONOMIC SHOCK Apedo-Amah, Marie Christine Avdiu, Besart Cirera, Xavier Cruz, Marcio Davies, Elwyn Grover, Arti Iacovone, Leonardo Kilinc, Umut Medvedev, Denis Maduko, Franklin Okechukwu Poupakis, Stavros Torres, Jesica Tran, Trang Thu Unmasking the Impact of COVID-19 on Businesses : Firm Level Evidence from Across the World
relation	Policy Research Working Paper;No. 9434
description	This paper provides a comprehensive assessment of the short-term impact of the COVID-19 pandemic on businesses worldwide with a focus on developing countries. The results are based on a novel data set collected by the World Bank Group and several partner institutions in 51 countries covering more than 100,000 businesses. The paper provides several stylized facts. First, the COVID-19 shock has been severe and widespread across firms, with persistent negative impact on sales. Second, the employment adjustment has operated mostly along the intensive margin (that is leave of absence and reduction in hours), with a small share of firms laying off workers. Third, smaller firms are disproportionately facing greater financial constraints. Fourth, firms are increasingly relying on digital solutions as a response to the shock. Fifth, there is great uncertainty about the future, especially among firms that have experienced a larger drop in sales, which is associated with job losses. These findings provide a better understanding of the magnitude and distribution of the shock, the main channels affecting businesses, and how firms are adjusting. The paper concludes by discussing some avenues for future research.
format	Working Paper
author	Apedo-Amah, Marie Christine Avdiu, Besart Cirera, Xavier Cruz, Marcio Davies, Elwyn Grover, Arti Iacovone, Leonardo Kilinc, Umut Medvedev, Denis Maduko, Franklin Okechukwu Poupakis, Stavros Torres, Jesica Tran, Trang Thu
author_facet	Apedo-Amah, Marie Christine Avdiu, Besart Cirera, Xavier Cruz, Marcio Davies, Elwyn Grover, Arti Iacovone, Leonardo Kilinc, Umut Medvedev, Denis Maduko, Franklin Okechukwu Poupakis, Stavros Torres, Jesica Tran, Trang Thu
author_sort	Apedo-Amah, Marie Christine
title	Unmasking the Impact of COVID-19 on Businesses : Firm Level Evidence from Across the World
title_short	Unmasking the Impact of COVID-19 on Businesses : Firm Level Evidence from Across the World
title_full	Unmasking the Impact of COVID-19 on Businesses : Firm Level Evidence from Across the World
title_fullStr	Unmasking the Impact of COVID-19 on Businesses : Firm Level Evidence from Across the World
title_full_unstemmed	Unmasking the Impact of COVID-19 on Businesses : Firm Level Evidence from Across the World
title_sort	unmasking the impact of covid-19 on businesses : firm level evidence from across the world
publisher	World Bank, Washington, DC
publishDate	2020
url	http://documents.worldbank.org/curated/en/399751602248069405/Unmasking-the-Impact-of-COVID-19-on-Businesses-Firm-Level-Evidence-from-Across-the-World http://hdl.handle.net/10986/34626
_version_	1764481304227741696

Unmasking the Impact of COVID-19 on Businesses : Firm Level Evidence from Across the World

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