Industries that rely on personal interactions or travel have been hardest hit.Some industries have been affected more than others: On average over the past year, 70% of firms reported that the level of uncertainty facing their business was high or very high. Overall uncertainty rose sharply at the onset of the pandemic although it has started to fall back a bit in more recent months.Firms report that from April 2020 to March 2021, their sales were 21% lower and their investment was 26% lower (on average) than they would otherwise have been.What does evidence from economic research tell us?Īlmost all businesses have been badly affected by the spread of Covid-19: These have all affected current business and expectations about the future. The risks of infection from different activities, the ability of businesses to operate remotely and the policies to contain the spread of the virus have each played a role. The pandemic has affected all industries, but it has had a bigger impact on some firms and sectors than on others.
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