COVID-19: The Aftermath for Businesses in Developing Countries

Abstract

Over the years, SMEs sector had played a critical role in contributing economy of nations around through creation of employment opportunities, income generation, equitable distribution of income whence contributing towards poverty alleviation, GDP etc. However, this sector has suffers a number of challenges in domestic and global market competition as a result of city locked down and social distance following the outbreak of the pandemic diseases known around the round as COVID-19. In order to avoid the uncontrolled spread of COVID-19, countries round the world announced lockdowns unanimously some earlier and some later. No doubt the shutdown has slowed the spread of coronavirus. Currently, SMEs is face with traditional hardships in finance, management skills, poor cash flow, deficit in accounting and several problems that hinder them from achieving good performance. However, it has other repercussion, ranging from economic slowdown, diminishing the production to note a few. Thus, the study seeks to ex rays the aftermath of COVID-19 for businesses in developing countries.