The wholesale and retail sectors lost $15.1 million in total for the industry because of the impact of Tropical Cyclone Yasa.
This was revealed by the Fiji TC Yasa Business Survey that was conducted by the International Finance Corporation and the Ministry of Commerce, Trade, Tourism and Transport, with the support of the governments of Australia and New Zealand.
The survey also revealed that women-owned micro-businesses were most in need of targeted assistance as they were likely to face the greatest challenges in growing their businesses in the wake of the cyclone’s impacts.
According to the IFC the survey of 1554 Fijian businesses showed that while 92 per cent were affected by the cyclone when it struck in December 2020, only 1 per cent had cyclone insurance.
The TC Yasa Business Survey also contains some key recommendations, including that businesses, whether informal or formal, should receive advisory support and training on recovery strategies and building resilience.
It cited MSME Fiji, the Fiji Commerce and Employers Federation and Business Link Pacific, as examples of organizations that could provide appropriate and valuable assistance.
