Austrian Business Mostly Pessimistic on CEE Business Climate in 2023

Analysis

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Over half, or 54% of Austrian companies active in the Central and Eastern European (CEE), predict the economic climate in the countries where they have subsidiaries to worsen in the coming 12 months, with only 11% forecasting an improvement, according to a survey by Advantage Austria, the state trade promotion agency, SeeNews reports.

Over the past 12 months, as much as 49% of the respondents found a deterioration in the economic climate and conditions of the economy in the country in which their subsidiaries were based, the survey 'Global Business Barometer 2023' published this week showed.

The companies were most optimistic on regulatory and market-based conditions in digitalization and infrastructure, with shares of 60% and 50% respectively anticipating very good or rather good conditions. By contrast, perspectives on the availability of qualified labor and the cost of raw materials drew predominantly negative appraisals.

The survey presented findings from 1,797 companies active in 51 countries in Europe, North and South America, and Asia, with the CEE region covering Austrian subsidiaries operating in Hungary, Czechia, Slovakia, Poland, Bulgaria, Croatia, Romania, Bosnia, North Macedonia, and Serbia.

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