The assessment of the impact of pandemic on the economy: A case study of private and public firms

The COVID-19 pandemic has had a profoundly negative impact on firm survival and performance across the globe. Early analyses from developed countries have found that the most negatively affected companies were small firms, particularly in industries most sensitive to social distancing. The significant goal of this research is to determine the economic impact of the COVID-19 on the Victoria Island business community following the aftermath of the pandemic. A quantitative approach was used in the research, with a questionnaire as the tool. A convenient sampling method was employed as 220 respondents from various firms in the research area provided the data for analysis. The data was analysed with IBM SPSS version 22 using correlation, t-test, and chi-square analysis for hypothesis testing. The results shows that there is a statistical significant difference between the impact of the pandemic and perception of firms (p<0.05). There is a strong positive relationship between response of the firms and perception of firms (R=0.707). The analysed results also reveal that there was no statistical significance difference between gender and response to crisis (t (218) = -0.128, p> 0.05). According to the analysed results, firms in Victoria Island have faced great challenges in the epidemic. Their production and operation activities have been limited, and they are facing significant risks. It is necessary to implement policies that would profoundly lower production costs for firms, help them survive this difficult period, and gradually return to normal business. The government should collaborate with affluent individuals and non-governmental organizations to aid these firms. While this coronavirus concern is present, small business owners must manage expectations and communicate with employees, suppliers and banks. Reduce costs, be open about money with their staff, continue marketing, try out new delivery ways, and recover from the tragedy.