Latvian CEOs think positive despite lack of global growth

Despite the lack of growth in the global economy, Latvian entrepreneurs remain optimists, Zlata Elksnina-Zascirinska, chairwoman of the Foreign Investors' Council in Latvia (FICIL), told Latvia's LNT commercial TV channel in an interview Thursday.

Citing a survey of Latvia's business executives, Elksnina-Zascirinska said that Latvian business managers are rather pessimistic about global economic growth trends. "Most probably, the global economy will not grow or will remain flat, there will be no growth. It is quite interesting, however, that against the backdrop of this pessimistic global forecast our entrepreneurs are quite optimistic about the growth of Latvian businesses," the FICIL representative noted.

The survey shows that 71% of respondents expect their companies to see growth or carry on with their operations like before. According to Elksnina-Zascirinska, Latvian companies have been ensuring growth by continuing cost saving measures and turning to outsourcing.

The survey also reveals that 41% of enterprises in Latvia are planning to keep their staff at present levels or hire more employees, while 16% are planning layoffs. "My conclusion is that the cost saving measures are mainly aimed at scrapping ineffective functions, not reducing human resources," the FICIL head concluded.

The Foreign Investors' Council in Latvia is a nongovernmental organization that brings together the largest companies from various countries and sectors that have made significant investments in Latvia, as well as ten national Chambers of Commerce in Latvia.

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