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SME Competitiveness Outlook 2020

COVID-19: The Great Lockdown and its Impact on Small Business

image of SME Competitiveness Outlook 2020

This publication is released at a time where the world is carefully moving out of the 'great lockdown' stemming from the coronavirus pandemic, a partial or complete lockdown of the majority of economies across the globe for six weeks or longer. There are reasons to believe that this simultaneous shutdown of economic and social activities has succeeded in pre-empting what could have become a disastrous global health crisis. But the shutdown is likely to have major economic consequences that remain difficult to assess.

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Preparing for the ‘new normal’

With COVID-19-induced shutdowns being gradually lifted around the world, business owners and policymakers alike are shifting their focus towards the post-pandemic world. Enhanced sanitary protocols and other containment measures are likely to remain in place for some time while efforts to create a COVID-19 vaccine continue in earnest.45 Meanwhile, discussions are growing on how to prepare for the ‘new normal’.

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