One small firm in three around the world was obliged to cut jobs to stay open through the coronavirus pandemic in May, a survey has revealed, underlining how hard the outbreak has slammed the world economy.

Some 26 per cent of small and medium-sized businesses surveyed by Facebook, in partnership with the Organisation for Economic Cooperation and Development and the World Bank, said they had closed between January and May 2020. The survey polled more than 30,000 small business leaders from more than 50 countries.

Out of the businesses that remained operational when the survey was conducted, on May 28-31, nearly two in three cited lower sales in the previous 30 days compared with the same time a year earlier.