Pacific Trade Invest (PTI), the region’s leading trade and investment promotion agency, have released a series of insightful reports, the Pacific Business Monitor COVID Reflections, shedding light on the ramifications of the global health crisis across various Pacific industries from 2020 to 2022.
Commissioned by PTI and conducted by the independent research agency, Fifth Quadrant, these reports draw on data collected throughout the PTI Pacific Business Monitor surveying periods, providing a retrospective examination of the economic and societal effects of the pandemic on the agriculture, retail, tourism sectors, and female-led businesses.
As the World Health Organisation declared that COVID-19 no longer represents a global health emergency on 05 May 2023, this series of PTI Pacific Business Monitor COVID Reflection reports offer retrospective data on Pacific industries, their challenges, needs, and opportunities.
PTI Australia Trade and Investment Commissioner, Caleb Jarvis, spoke on the profound impact the pandemic had on Pacific businesses and the critical role of in-depth research.
“In the wake of the past three years, the sheer scale of COVID-19’s disruption in the Pacific is evident. The tourism sector, a pillar of our regional economy, suffered a severe jolt, with an overwhelming 96 percent of Pacific-based Tourism businesses enduring eroded revenues. Pacific retail and agricultural sectors, though more resilient, were not spared from the pandemic’s vast ripples. Female-led enterprises felt the weight heavily, with a significant 86 per cent marking revenue downturns.
“Despite these profound setbacks, the adaptability and forward-thinking approach of female-led businesses stand as a testament to their resilience. The Pacific Business Monitor COVID Reflection reports are not just a reflection of the past; they are an invaluable compass, guiding our future interventions and strategies. Such rigorous research underscores the pressing need for targeted support, ensuring that the Pacific industries don’t just recover, but emerge stronger and more resilient in a post-pandemic world.”
The Pacific Business Monitor COVID Reflection reports, an initiative by PTI, an agency of the Pacific Islands Forum (PIF), offers invaluable data and insights that look to shape future strategies and policies aimed at the sustainable economic development of the Pacific region.
The PTI Network is an agency of the Pacific Islands Forum (PIF) and is the Pacific’s leading trade and investment promotion agency. With offices in Australia, China, and New Zealand, the PTI Network develops and promotes trade and investment across international markets.
SOURCE: PTI/PACNEWS
