The results of the PwC Cyprus Pulse Survey on the effects of COVID-19 on businesses and the wider economy, which was conducted with the participation of 45 CFOs from Cyprus, were made public today. The survey, which is being conducted in several countries and is an initiative of PwC’s global network, took place between 20 and 22 April 2020. It should be noted that the bi-weekly survey is will last until the end of May in an effort to capture the thoughts and concerns of CFOs in these difficult conditions.
According to the results of this round of the research, the possibility of COVID-19 leading to a global recession is a major concern for CFOs in Cyprus at 73%, followed by a decrease in consumption and consumer confidence at 58% and the financial impact at also 58%.
At the same time though, 62% said that if the COVID-19 pandemic ends today, their company will be able to get back to business as usual within three months. Furthermore, over three-quarters (78%) of respondents are very concerned about the effects of COVID-19 on their operations, with only 9% believing that the pandemic is an isolated challenge that does not currently have any significant impact on their business. While 69% expect a reduction in their company's revenue and/or profit as a result of COVID-19, only 4% expect an increase in their revenue. It is worth noting that 69% of CFOs plan to reduce their business’ operating costs, while the majority of them (42%) are planning changes in their human resources as a result of the change in demand.
In statements, the CEO of PwC Cyprus, Evgenios Evgeniou, noted that PwC's research is an extremely useful tool that provides a comprehensive overview of the perception of CFOs, both in Cyprus and globally, of the effects of the pandemic. "While the main concern for the vast majority is uncertainty about the duration and severity of the pandemic, it is important that most companies declare that they will be able to return to their normal business activities fairly quickly, when the cycle of the pandemic is completed,” he noted.