To cope with the adverse effects of COVID-19, businesses initiated several changes in their operations.

Businesses we surveyed made significant changes in work arrangements by temporarily reducing employees (3 out of 10 businesses) and laying-off some workers (1 out of 10 businesses). To protect liquidity, businesses also decreased or controlled expenses and negotiated payment terms with creditors.

Interestingly, the pandemic pushed businesses to re-calibrate marketing strategies by increasing marketing efforts (25% of businesses) and developing new products or services (19%). Those with technical expertise resorted to online-selling during the lockdown.

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