Globally, the number of companies operating fell by 560,000 from 214.116 million in the pre-Covid-19 period, marking the first dip in two decades.
According to data from BuyShares.co.uk, the number of companies operating in the epidemic period has increased to almost 213.6 million from the previous year.
COVID-19 caused huge layoffs and office closures in every area of the global economy, resulting in the closure of hundreds of thousands of enterprises worldwide that we’re unable to face the pandemic’s challenges.
According to data from Statista, Eurostat, and the World Bank, the number of businesses had been steadily expanding for two decades previous to the epidemic.
In the year 2000, more than 122 million businesses were functioning around the world. By the end of 2010, the number had risen to about 160 million and was continuing to rise. It reached 185 million people six years later.
Data available suggest that the number of companies operating worldwide increased by 20 million in 2017 and 2018, bringing the total number of enterprises to 205 million. In 2019, an additional 9 million businesses began operations, bringing the total number of businesses to over 214 million.
However, the COVID-19 changed that, with the number of firms falling to 213.6 million globally for the first time in two decades.
Businesses had to react quickly and decisively after the COVID-19 outbreak. For the most part, this meant altering how they ran their businesses, provided services, and communicated with customers. While some businesses, particularly those in the eCommerce and tech sectors, saw new opportunities emerge in the COVID-19 environment, many others did not.
According to statistics, Asian Pacific enterprises were less affected by the COVID-19 than their European or American counterparts. Despite the epidemic, the overall number of firms in this region expanded by 700,000 in a year.
Last year, the EMEA region had 57.2 million companies operating, down from 57.6 million in 2019. In a continent filled by small-medium enterprises (SMEs) for which individual governments lack accurate statistics, small firms in Africa are the hardest hit.
The pandemic drove the great majority of companies in North and South America to close their doors. The total number of businesses in the region fell by 900,000 to 24.1 million after the COVID-19 attack.
Small and medium-sized businesses (SMEs) were hit more by the COVID-19 situation than large businesses, according to the poll. In 2020, the overall number of SMEs will have decreased by more than 500,000 to 212.9 million. At the same time, the number of large businesses with more than 250 employees fell to roughly 667,000, down from 685,000 a year before.