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©iStock/Pavio Stavnichuk |
Small businesses are a powerful and influential piece of the economy. In fact, 99.9% of all businesses in the U.S. qualify as small businesses, collectively employing almost half (47.3%) of the nation’s private workforce.
Unfortunately, they’ve also been one of the hardest-hit sectors of the economy amid the pandemic.
The World Economic Forum (WEF) talks about the K-shaped recovery, where some industries see more improvement compared to others that stagnate in the aftermath of a recession.
Read on to learn more. The good news? Despite the continued hardships, the global entrepreneurial spirit endures.
WEF says: "Even in the face of a global pandemic, the perseverance of such metrics prove that the innovative American spirit is unwavering, and spells better days to come for small business recovery."
You might also take a look at the visual, "Mapped: The State of Small Business Recovery in America."