“We’ve learned some valuable lessons about agility and resilience during the last year. Disaster recovery used to mean having the right back-up solution in place, but now companies are recognizing that they have to be in a constant state of preparation and elasticity, ready to shrink or grow in a compressed timeline as needed, or even change business models entirely. They need to identify the pressure points in their organizations so they can pivot quickly to ensure minimal disruption.” – Bert Miller, President & CEO, MRINetwork
EMEA
PWC’s most recent Private Business Survey focuses on how private businesses in Europe, the Middle East and Africa are building resilience to manage the COVID-19 pandemic and beyond. While EMEA private businesses have seen a major impact due to the pandemic, agility is paying off in improved performance for those companies that are truly more agile than the rest. The survey examines what sets these companies apart and helps them to thrive in uncertain times. Agility champions — the most highly agile private businesses — are able to shift focus, priorities, and resources to meet changing circumstances. They invest in transforming their businesses for future growth and embrace the use of new technologies. They take the measures needed to achieve financial and operational resilience, which means not shying away from tough choices and keeping the focus on the customer and the future, according to the survey findings.
The PWC report is available at EMEA Private Business Survey 2020 – Passing the agility test: PwC or you can see the EMEA Private Business Survey launch webcast presented by Peter Englisch, Global Family Business and EMEA Entrepreneurial and Private Business Leader, Partner, PwC Germany. Watch the webcast replay.
ASIA PACIFIC
The Philippines is one of the most dynamic economies in the East Asia Pacific region, according to the World Bank Group. With increasing urbanization, a growing middle class, and a large and young population, the Philippines’ economic dynamism is rooted in strong consumer demand supported by a vibrant labor market. Business activities are buoyant with notable performance in the services sector including business process outsourcing, real estate, tourism, and finance and insurance industries.
Economic growth, however, has been challenged by the COVID-19 and the strict community quarantine measures imposed in the country. Growth contracted significantly in 2020, driven by significant declines in consumption and investment growth, but is expected to rebound gradually in 2021-2022 assuming a containment of the virus domestically and globally, and with more robust domestic activity bolstered by greater consumer and business confidence and the public investment momentum. Find more information about the Philippines at Philippines Overview (worldbank.org).
THE AMERICAS
In 2020, the coronavirus pandemic dealt an unprecedented blow to the economies and labour markets of Latin America and the Caribbean. It is estimated that the greatest impacts were felt in the second quarter, with the loss of around 47 million jobs across the region, compared to the same quarter in 2019, according to the Employment Situation in Latin America and the Caribbean, a twice-yearly report prepared jointly by the Economic Commission for Latin America and the Caribbean (ECLAC) and the Office for the Southern Cone of Latin America of the International Labour Organization (ILO).
The second half of the year has seen a gradual return to productive activities, the report notes. As of the third quarter of 2020, the labour indicators of the countries with available information already show stabilization in employment and even a slight rebound in relation to the second quarter. People are slowly returning to the labour market, mainly informal workers (for subsistence) and, to a lesser extent, formal workers, as a result of the gradual reopening of different economic sectors.
Recovery will depend on advances in public health instruments, the effectiveness of public economic support measures, and the adaptability of businesses and workers to new ways of working.
Access the full report at ECLAC/ILO No. 23: Employment Situation in Latin America and the Caribbean. Employment trends in an unprecedent crisis: policy challenges (cepal.org).