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The impact of COVID-19 on Niue’s private sector
03:43 am GMT+12, 06/04/2021, Niue

A recent Niue focussed report released by Pacific Trade Invest (PTI) found that the COVID-19 crisis had a significant impact on the normal operation of businesses in Niue across 2020, with only 26% fully operational by the end of 2020 compared to 36% across the Pacific Islands.
 
The Pacific Business Monitor Niue Focus 2020 Report aggregates results from Niue respondents across all the Pacific Business Monitor surveys conducted in 2020. The Niue Focus 2020 report provides insight into the impact COVID-19 on Niue’s private sector last year and a comparison to business in the Pacific region.
 
The report found that towards the end of 2020, Niue businesses became increasingly challenged by poor cashflow, labour issues and increasing costs. Also, as the year rounded out, businesses in Niue actioned more initiatives to reduce operational costs and nearly half diversified their products/services.
 
Positively, despite significant challenges, just over three quarters of businesses in Niue are confident they will survive the COVID-19 crisis and two thirds still either partly operational or full operational. Although confidence has dropped since the start of the pandemic, confidence is still slightly higher than the Pacific Islands overall. Compared to businesses in the Pacific region Niue businesses are much more likely to be looking to update their product/service offering and business strategy.
 
PTI’s Niue Focus 2020 report highlights that the key challenges caused by COVID-19 to Niue business have consistently remained not knowing how long the crisis will last and the impact of closed international borders. Positively, over two thirds of businesses in Niue have received support from the government, much higher than the Pacific Islands overall with 73% of respondents receiving support at the end of 2020, compared to 55% across the Pacific Islands.
 
PTI Australia’s Trade & Investment Commissioner, Caleb Jarvis, said the consistent and proactive feedback from Niue businesses throughout the Pacific Business Monitor series is testament to the Niue Chamber of Commerce who understand the importance of quantitative data.
 
“I would like to thank all the businesses in Niue that have taken part are continuing to take part in the Pacific Business Monitor. Niue’s ability to innovate and commitment to business excellence is inspiring. Despite being a small island state with a population of less than 2,000 we received the strongest and most consistent response from business leaders in Niue since we began tracking the impact of COVID-19 on the Pacific private sector. This is a testament to Catherine and the team at the Niue Chamber of Commerce for driving member engagement and understanding the importance of having their voices and backing up the realities business are facing with data.”
 
Catherine E Papani, Acting Business Development Manager and CEO of Niue Chamber of Commerce said the Pacific Business Monitor surveys have been integral to their strategic planning.
 
“The regular survey series by PTI has given the Chamber quantitative data on how businesses are doing and has also ensured that our voice is heard at a regional, interregional and international level which is really important. We are a small chamber and don’t have the resources and capability to run a survey like the PTI Pacific Business Monitor. Being part of PTI’s survey has been so valuable for us and our members, saving us time and resources as we continue to advocate for our members and the Niue’s private sector. This information is also crucial to providing a platform for Chamber to negotiate and work with our Govt of Niue in continuing with a Government Interim Business Support – financial assistance to business owners and their employees. This financial support from our Government has been a lifeline for our businesses," said Papani.

SOURCE: PTI AUSTRALIA/PACNEWS


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