Irrespective of size, sector, or country, the economic and social impact of the pandemic has expanded, and challenges are growing for business and the accountancy profession, reveals ACCA’s Covid-19 global survey ‘The Road to Recovery’.

Following March 2020’s original report, three months on the picture now crystalises many key issues that need to be addressed by policymakers and governments. ACCA is calling on governments worldwide to review economic rescue packages and enable a return to sustainable growth.

Jamie Lyon, the report author and head of business management at ACCA explains the unavoidable challenges many are experiencing: ‘The problem at the centre of these issues is a collapse in customer demand for many organisations, with 53% of respondents citing purchases as completely stopped or reduced. It’s a domino effect, with both product launches and investment plans being deferred, further compounded by supply chain challenges and issues with customer order fulfillment.’

The data for June reveals continued cash flow challenges, with almost half of respondents saying this is a problem. Since the March research, the new data reveals greater concerns over financing and debt issues, and given the global economic climate, it means these will be difficult matters to resolve.

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