Coronavirus survey results: Up to 50% drop in turnover for French businesses in major APAC markets

French companies in Hong Kong, Singapore, and South Korea expect to be hit hardest by the coronavirus (COVID-19) outbreak according to a regional survey led by the Conseillers du Commerce extérieur de la France (CCE), or French Foreign Trade Advisors.

A total of 415 CEOs from French businesses across the APAC region (outside of mainland China) were polled to evaluate the economic impact of the crisis and detail the measures they are taking to combat the ongoing situation.

Respondents in Hong Kong, Singapore, and South Korea are the most concerned with business leaders anticipating an up-to 50% reduction in turnover for 2020. A quarter of executives polled – primarily from the likes of Japan, Malaysia, Taiwan, and Cambodia – currently have no visibility on the potential impact as the crisis continues to rumble on.

Human resources policies are being put to the test as 28% of companies have taken ‘coronavirus protection’ measures such as employee isolation and the rotating of teams, while 25% have put in place remote working arrangements.

See the full results here (in French).

This survey by the CCE was conducted in collaboration with La direction générale du Trésor, Ministère des Affaires étrangères français, CCI France International, Business France and La French Tech.

It follows an earlier survey measuring the impact in mainland China, conducted by the CCE in collaboration with the Economic Service of the French Embassy and French Consulates in China, CCI FRANCE CHINE, Business France, and La French Tech. You can find its results here.

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