BAKU, Azerbaijan, November 22. Throughout 2022 and the majority of 2023, businesses in Georgia faced various concerns, the EU business climate report for the country said, Trend reports.
Geopolitical events in the region and the economic performance within the country could have impacted both business operations and the outlook for the future, the report said. Although, a majority (54 percent) of EU businesses state that their overall business performance showed improvement.
For 34 percent of the surveyed companies, business performance remained unchanged, while another 12 percent reported a negative performance.
This marks a significant improvement compared to the previous year, where 43 percent showed improvement, signaling the overall health of the enterprises, the EU noted.
According to the survey, against the backdrop of regional geopolitical events and internal political polarization, the outlook for the upcoming year in business optimism distinctly outshines past performance. A majority of the surveyed businesses (66 percent) are strategizing for expansion in the coming years. This marks a significant 10-percentage-point increase from the preceding year, signaling a noteworthy shift. This suggests that economic growth in the country might be a crucial factor influencing optimism.
Moreover, 19 percent of enterprises anticipate maintaining their current status. The development prospects for 6 percent of enterprises remain uncertain. The rest of the surveyed sample envisions various strategies, including downsizing (4 percent), relocating to another country (3 percent), suspending their activities (2 percent), and closure (1 percent).
