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Firm Recovery during COVID-19: Six Stylized Facts

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dc.contributor.authorPereira-Lopez, Mariana
dc.contributor.authorCirera, Xavier
dc.contributor.authorReyes, Santiago
dc.contributor.authorCruz, Marcio
dc.contributor.authorGrover, Arti
dc.contributor.authorIacovone, Leonardo
dc.contributor.authorMedvedev, Denis
dc.date.accessioned2021-10-28T14:09:44Z
dc.date.available2021-10-28T14:09:44Z
dc.date.issued2021-10
dc.description.abstractBuilding 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.en
dc.identifierhttp://documents.worldbank.org/curated/undefined/862851634563353449/Firm-Recovery-during-COVID-19-Six-Stylized-Facts
dc.identifier.doi10.1596/1813-9450-9810
dc.identifier.urihttps://hdl.handle.net/10986/36428
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 9810
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectCORONAVIRUS
dc.subjectCOVID-19
dc.subjectPANDEMIC IMPACT
dc.subjectFIRM PERFORMANCE
dc.subjectRECOVERY
dc.subjectEMPLOYMENT
dc.subjectSALES REVENUE
dc.titleFirm Recovery during COVID-19en
dc.title.subtitleSix Stylized Factsen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleFirm Recovery during COVID-19: Six Stylized Facts
okr.date.disclosure2021-10-18
okr.date.doiregistration2025-04-10T10:23:44.934957Z
okr.date.lastmodified2021-10-18T00:00:00Zen
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/undefined/862851634563353449/Firm-Recovery-during-COVID-19-Six-Stylized-Facts
okr.guid862851634563353449
okr.identifier.doi10.1596/1813-9450-9810
okr.identifier.externaldocumentum090224b088a95d90_1_0
okr.identifier.internaldocumentum33495118
okr.identifier.reportWPS9810
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/862851634563353449/pdf/Firm-Recovery-during-COVID-19-Six-Stylized-Facts.pdfen
okr.topicHealth, Nutrition and Population::Disease Control & Prevention
okr.topicIndustry::Industrial Economics
okr.topicMacroeconomics and Economic Growth::Business Cycles and Stabilization Policies
okr.topicPrivate Sector Development::Private Sector Economics
okr.topicSocial Protections and Labor::Labor Markets
okr.unitFinance, Competitiveness and Innovation Global Practice
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