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Firm Recovery during COVID-19 : Six Stylized Facts / Xavier Cirera.
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Cirera, Xavier.
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Business Cycles and Stabilization Policies.
- Coronavirus.
- COVID-19.
- Disease Control and Prevention.
- Employment.
- Firm Performance.
- Health, Nutrition and Population.
- Industrial Economics.
- Industry.
- Labor Markets.
- Macroeconomics and Economic Growth.
- Pandemic Impact.
- Private Sector Economics.
- Recovery.
- Sales Revenue.
- Local Subjects:
- Business Cycles and Stabilization Policies.
- Coronavirus.
- COVID-19.
- Disease Control and Prevention.
- Employment.
- Firm Performance.
- Health, Nutrition and Population.
- Industrial Economics.
- Industry.
- Labor Markets.
- Macroeconomics and Economic Growth.
- Pandemic Impact.
- Private Sector Economics.
- Recovery.
- Sales Revenue.
- Physical Description:
- 1 online resource (60 pages)
- Other Title:
- Firm Recovery during COVID-19
- Place of Publication:
- Washington, D.C. : The World Bank, 2021.
- System Details:
- data file
- Summary:
- Building on prior work that documented the impact of COVID-19 on firms in developing countries using the first wave of Business Pulse Surveys, this paper presents a new set of stylized facts on firm recovery, covering 65,000 observations in 38 countries. This paper suggests that: One, since the outset of the pandemic, some aspects of business performance such as sales show signs of partial recovery. Two, other aspects remain challenging, including persistently high uncertainty and financial fragility. Three, recovery is heterogeneous across firms and more sensitive to firm-level attributes such as size, sector, and initial productivity than to country-level differences in the severity of the initial shock. In particular, larger and more productive firms are recovering faster, with implications for competition policy and allocative efficiency. Four, the decline in jobs has been steeper during the initial shock than the expansion in employment during recovery, raising the risk of a "jobless" recovery pattern. Five, the diffusion of digital technology and product innovation accelerated during the pandemic but did so unevenly, further widening gaps between small and large firms. Six, businesses now have more access to policy support, but poorer countries continue to lag behind and appropriate targeting of firms remains a challenge.
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