Helping MSMEs survive in the new normal

THE global economy has had its fair share of a rollercoaster ride last year. The onset of the coronavirus disease 2019 (Covid-19) pandemic was swift and in a short span of time, economic projections took a turn for the worse. The effects of the Covid-19 pandemic left companies spinning in a downward spiral in an instant, all looking at a fast solution to keep operations up and running amid the imposition of health protocols and the necessity of employing remote transactions. The unforeseen impacts of the outbreak tested the resiliency of firms and their ability to adapt to changing situations.

Toward the end of 2020, when businesses have gradually learned to adapt to modern means of corporate management and operations, economic experts and analysts have expressed optimism that 2021 will be a year of soft or subdued recovery. In January, the World Bank announced in a report that the global economy is seen to grow in 2021 following a contraction last year. The report cited that while there is an anticipated recovery, governments and policymakers still have a tough challenge to face — that of addressing issues in debt management, budget policies, and structural reforms, among others.