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Jakarta Post

Small enterprises expect further slowdown this year

  • Eisya A. Eloksari

    The Jakarta Post

Jakarta   /   Sat, January 23, 2021   /  09:07 am
The Jakarta Post Image
Women finish handcrafted batik at a home in Sleman, Yogyakarta, on Aug. 27, 2018.(Antara Photo/Irfan Anshori)

Small and medium enterprises (SMEs) have expressed pessimism about their business prospects this year as the COVID-19 pandemic shows little sign of abating. A survey conducted by financial technology (fintech) firm KoinWorks found that 63.4 percent of respondents expected their businesses to decline this year as a number of enterprises, such as those in the services sector, believed it would be difficult to operate before COVID-19 vaccines were widely administered. Only about 15.1 percent of SMEs believed their sales and revenue would increase in the first quarter of the year, while 20 percent of thought their businesses would continue in a similar fashion to 2020. “Those who are optimistic about this year’s business performance are those who can adapt to the government’s social restrictions and those who saw their sales go up in the last quarter of [2020], Koi...