As we head into 2021; we do so as a very different economy.
The scale and speed of this health and economic crisis has thrust us into uncharted territory. Despite ongoing volatility, we have sought to forensically analyse trends as they’ve emerged, as well as the causes of those trends, to give our clients the insight they need to make the right decisions in these turbulent times.
When it came, the economic impact was swift and severe, giving rise to numbers we are now all too familiar with: a staggering 20.4% drop in GDP in April – an impact greater in 10 days than in a whole quarter during the 2008 crisis. 25% of businesses were forced to pause trading in April and by May 30% of the workforce had been furloughed.
This paper brings together our data, insight and market knowledge, supplemented with other relevant industry research, to give you a comprehensive view of how small and medium businesses have weathered the storm and what to expect in 2021.
The business landscape has changed and continues to change at pace. The unprecedented volatility translates to a significant increase in risk for those managing commercial portfolios.
Register for our commercial focused insights webinars as we bring you the latest trends and explore specific topics to help you navigate these challenging times.
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