Businesses Can Thrive in Times of Crisis, According to World Bank Study
According to a recently published study by the World Bank, titled "Business Ready 2024", a company can exist and even thrive during times of crisis. While it is desirable for economic conditions to improve, projects have the capacity to resist even in the most difficult periods.
The study reveals that "they (businesses) would develop better if the business climate improved. Businesses have had to adapt to a business environment plagued by deficiencies in public service delivery and develop mechanisms to thrive in their particular contexts."
Notably, the COVID-19 pandemic has triggered the largest global economic crisis in over a century. In 2020, economic activity contracted in approximately 90% of countries, the global economy regressed by around 3%, and global poverty increased for the first time in a generation.
