Satish Shankar, the Asia-Pacific managing partner of business consultancy Bain & Company, said many companies in the region would "need to fundamentally transform their business models" to survive.

But he added that Asia's economic rebound would be "strongly linked" to the recovery in the Chinese economy.

China expanded 3.2% in the second quarter, and looks set to grow this year.

Some China-based firms in the survey said the upcoming U.S. election was their primary worry alongside COVID-19.