The gross domestic product of countries with high levels of digitalization decreased less during the first year of the pandemic in 2020 compared to countries with low levels of digitalization. A similar analysis using Finnish company-level data shows that the turnover of high-level digitalization companies decreased less during the pandemic than companies with low levels of digitalization. However, based on our company-level analysis, the relationship between digitalization and changes in turnover disappears when controlling for company-specific factors such as location, industry, and the economic situation prior to the pandemic. Our results do not suggest that high-readiness companies for remote work have benefited more from digitalization than companies with low remote work readiness. We also do not observe any differences between service and manufacturing companies in terms of how digitalization increases the resilience of companies.
