The COVID-19 survey, undertaken in late-October, asked 6,653 companies in 12 countries to report whether their output had risen or fallen since the start of the pandemic.
The survey indicates encouraging overall progress in the global economic recovery from the COVID-19 outbreak, which was declared a pandemic after spreading globally in March, but trends have been very varied, both by country and sector. Notably, some countries and sectors have made less progress than anticipated when the survey had previously been conducted back in June, reflecting disruptions caused by further waves of virus infections.
Companies in China have not only reported the greatest success so far in recouping output lost to COVID-19, but also anticipate making the fastest full recovery, though US companies come a close second. Given that the outbreak and associated lockdown occurred earlier in China, this represents very encouraging progress for the US.
High levels of infections, and second waves of the outbreak, have nevertheless meant many countries have achieved less progress than had been signalled when the prior survey was conducted back in June. Most notable are India, Spain and Italy, where recovery prospects reported by companies have even taken backward steps.
- Companies in China are expecting to lead the recovery of output lost due to the COVID-19 pandemic, and have also so far suffered the smallest hit, followed by firms in the US.
- India reports the slowest recovery prospects, followed by Japan.
- Hotels, restaurants and other consumer-facing services are anticipating the longest recoveries. Food, drink and vehicle makers are the most upbeat.