New Validation of COVID-19's effects on Micro, small and Medium Enterprise and Its Survival
Asian Journal of Economics, Business and Accounting,
MSMEs (Micro, Small, and Medium-sized Enterprises) are the backbone of many economies worldwide, providing income and jobs to many people. The global and Sri Lankan economies have been seriously impacted by the coronavirus (COVID-19) outbreak. MSMEs are the primary victims of the COVID-19 epidemic, which faces numerous obstacles that impede their growth and survival. The analysis aimed to see how COVID-19 afected MSMEs in Sri Lanka. The extent of impacts of the sector was measured using descriptive statistics and SWOT analysis techniques with a Likert scale. From July to September 2020, the study used a mixed method approach, with primary data collected from 200 randomly selected entrepreneurs through a well-designed organized questionnaire survey in the Batticaloa District of Sri Lanka. According to the fndings, 62 percent of entrepreneurs have extremely high job experience power, while 52 percent have extremely low technical adaptation strength during this pandemic era. In terms of weakness, 61 percent and 60 percent of respondents, respectively, revealed a high degree of weakness in their companies, such as a lack of technical skills and expertise. According to the opportunity survey, 87 percent and 86 percent of respondents, respectively, had exceptionally low opportunities in subsidy facilities and social media use. Furthermore, during COVID-19, 59 percent, 68 percent, and 34 percent of respondents experienced extremely high threats due to curfew, increased input prices, and marketing facilities, respectively. To resolve critical situations like the COVID-19 outbreak and improve MSMEs in the region, the study recommended that NGOs, local government bodies, and policymakers develop awareness and support for entrepreneurs through confdence building, planning of workshops, seminars, and exhibitions.
- SWOT analysis
- economic impacts
- Sri Lanka
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