In 2020, the COVID-19 pandemic significantly impacted small- and medium-sized businesses across the country. The effect, however, was felt somewhat differently in rural and urban areas.
In rural areas, the number of small businesses decreased by 4.1% from 2019 to 2020, while the number of medium-sized businesses increased by 0.9% over the same period. By comparison, in urban areas, the number of small businesses declined by 4.9% over the same period, and the number of medium-sized businesses declined by 3.2%.
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