Ethiopia hosts a large number of forcibly displaced populations, both refugees and internally displaced persons (IDPs), who were particularly vulnerable in the context of COVID-19 due to their limited resources and access to basic public services. In partnership with the International Labour Organization (ILO), a Samuel Hall research team, conducted an assessment of the socio-economic impact of COVID-19 in refugee hosting areas and of the effect of the crisis on vulnerable groups. The assessment was based on two in-person surveys conducted in the Somali and Tigray regional states of Ethiopia in July and August 2020 with adapted research and health protocols. The findings show that the forcibly displaced have been hit harder than host communities on the economic front and that the reliance of refugee-led enterprises on the informal sector is an added disadvantage in times of crisis. The study also sheds light on the specific vulnerabilities women are experiencing in terms of salary cuts and subsequent revenue losses, rather than employment status changes.