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Business Surveys on the Impact of COVID-19 on Jamaican Firms: 2020

By Country Office in Jamaica (VPC/CCB/CIA)

The datasets come from two surveys of Jamaican businesses conducted between May and June 2020. Two sets of self-administered surveys were conducted using Survey Monkey. A very small sample of financial institutions was surveyed to gain perspective on the challenges facing financiers as a result of the pandemic, and their efforts to respond to such challenges. Nine financial institutions completed this survey, and the results were used to complement the information derived from the second and major survey. The second survey targeted non-financial businesses operating in Jamaica. The sample of firms was selected from a list of all registered Jamaican firms, obtained from the Companies Office of Jamaica. A stratified random sample was used based on firm type, region, and sector. Some firms may have also participated in the study through contact made by their respective affiliations, which were approached to endorse the study and encourage their members to engage. A total of 390 firms completed the second survey. A significant degree of representation was achieved across size, type and age of business, sector and location of operation. Good gender representation was also achieved.

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Metadata & use

Identifier https://doi.org/10.60966/tq2k-j380
License Creative Commons Attribution–NonCommercial–NoDerivs 3.0 IGO
Citation

Tennant, David (2021). Business Surveys on the Impact of COVID-19 on Jamaican Firms: 2020. IDB Open Data. https://doi.org/10.60966/tq2k-j380
Published date 2021-05-05
Modified date 2026-06-25
Tags/Keywords COVID-19 · Small Business
Language
  1. English
Temporal coverage 2020-2020
Country
Jamaica
Region Latin America and the Caribbean
Publisher
Inter-American Development Bank
Author
Tennant, David
Data collection type Survey Data
Statistical type Cross-sectional Data
Data structure Structured Data
Data notes

What were the primary economic effects of the COVID-19 pandemic on Jamaica?

The dataset indicates that Jamaican financial institutions experienced significant declines in loan demand, disruptions in repayment flows, and an increase in requests for moratoriums and restructuring. Many institutions reported severe impacts on liquidity and profitability.

How did the Jamaican economy perform during the COVID-19 crisis?

While the dataset focuses on financial institutions, it reveals widespread borrower financial stress and reduced economic activity, suggesting broader economic contraction.

What government fiscal stimulus measures were implemented in Jamaica during COVID-19?

Financial institutions reported offering moratoriums, fee waivers, and working capital support. However, many noted limited direct government liquidity support and called for legislative changes to allow the Bank of Jamaica to assist credit unions.

What role did the Bank of Jamaica have during the COVID-19 economic crisis?

Respondents expressed uncertainty about the BOJ’s capacity to provide liquidity support. Some recommended reducing cash reserve requirements and enabling direct assistance to credit unions.

What was the impact of COVID-19 on small and medium enterprises (SMEs) in Jamaica?

Financial institutions observed that SMEs were disproportionately affected, with higher rates of loan delinquency and insolvency risk. Many SMEs requested payment relief and faced challenges accessing new credit.

What support was available for Jamaican small business owners during COVID-19?

Support included moratoriums on loan payments (typically 3–6 months), interest rate reductions, and fee waivers. However, institutions noted that not all businesses qualified or applied for relief.

What was the effectiveness of Jamaica's fiscal stimulus packages during COVID-19 compared to their stated goals?

The dataset reflects mixed views. While some relief measures were implemented, institutions highlighted gaps in liquidity support and uneven access across sectors.

What did Jamaica's post-COVID economic resilience look like compared to pre-pandemic levels?

Institutions anticipated recovery if the pandemic ended by mid-2020, citing pent-up demand for loans. However, prolonged disruption raised concerns about long-term profitability and solvency.

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