Pacific Trade Invest (PTI), the leading trade and investment promotion agency in the Pacific region, has released a series of comprehensive reports titled “Pacific Business Monitor COVID Reflections.” These reports, commissioned by PTI and conducted by the independent research agency Fifth Quadrant, delve into the extensive repercussions of the global health crisis on various Pacific industries during the period from 2020 to 2022.
The PTI Pacific Business Monitor COVID Reflections reports are a culmination of data collected during PTI Pacific Business Monitor surveys carried out throughout this critical time frame. They provide a retrospective analysis of the economic and societal impacts of the pandemic on key sectors such as agriculture, retail, tourism, and female-led businesses.
As the World Health Organisation (WHO) declared on May 5, 2023, that COVID-19 no longer constitutes a global health emergency, these reports offer invaluable insights into the past challenges and emerging needs and opportunities for Pacific industries.
Caleb Jarvis, PTI Australia Trade and Investment Commissioner, underscored the profound disruption the pandemic caused across the Pacific region. He said, “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 percent marking revenue downturns.”
However, amidst these significant setbacks, the adaptability and forward-thinking approach of female-led businesses in the Pacific have demonstrated remarkable resilience. Jarvis highlighted the importance of the Pacific Business Monitor COVID Reflections reports, stating, “Such rigorous research underscores the pressing need for targeted support, ensuring that Pacific industries don’t just recover but emerge stronger and more resilient in a post-pandemic world.”
These reports, initiated by PTI, an agency of the Pacific Islands Forum (PIF), provide invaluable data and insights that will play a crucial role in shaping future strategies and policies aimed at promoting sustainable economic development in the Pacific region.
The PTI Network, an agency of the Pacific Islands Forum (PIF), remains committed to promoting trade and investment across international markets. With offices in Australia, China, and New Zealand, PTI continues to support the Pacific region as it navigates the challenges and opportunities presented in the post-pandemic era.