A new survey done on behalf of Nedbank showed more than half of small businesses have temporarily reduced their staff through paid or unpaid leave, and a further 26.8% have cut jobs
Small businesses, often cited as the most important driver of job creation, are fighting to survive as the Covid-19 outbreak and restrictions that have closed the economy since late March.
Investec said in a research note on Wednesday that the economy could contract by 15% in 2020 and that there was a risk of formal unemployment"ultimately" exceeding 50%. Small businesses account for about 3.9-million jobs, according to the the Small Business Institute. The Nedbank survey showed that 57% of business owners did not believe they could continue operating over the next six months without having to undergo “significant” changes to their operation, while 10% didn't think they would survive at all.
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