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Monday 28.05.2018 | Name days: Vilhelms, Vilis

Baltic large companies concerned over availability of qualified work force

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RULarge companies in Baltic States are worried the most about demand for their goods and services. Other major concerns include availability of qualified work force and wages, according to results of a study performed by SEB Bank among CEO of major companies in Baltics.

In spite of positive growth of private consumption in all three Baltic States, 61% of CEOs in Latvia, 55% in Lithuania and 40% in Estonia are worried about having sufficient demand for their goods and services.

The matter concerning the availability of qualified work force is also topical in Baltics – 43% of Lithuanian CEOs, 39% of Latvian CEOs and 33% of Estonian CEOs are worried about that. The third most often mentioned reason for concern is salary. In Lithuania, this matter concerns 51% of CEOs (41% in Estonia and 24% in Latvia).

SEB Bank board member Ints Krasts: «Matters related to work force remain among the most significant risks that may seriously affect the work of large companies in Baltics next year. Unemployment indexes continue to decline in all three Baltic States. In Estonia, for example, unemployment indexes have already reached 6.5%. Due to a decline in work force availability, the highest level of concern over wages is noted in Latvia and Lithuania.

Matters related to finances – interest rates, financing accessibility and currency exchange rates – present no reasons for concern. For example, only 5% of CEOs in Latvia are worried about finance accessibility. There are two reasons for that. First of all, large companies have managed to save up enough funds over the last several years. Now they have sufficient financial reserves to use as they please. Secondly, competition in Latvia’s banking sector is high, which provides clients with very beneficial offers from banks».

A confident majority of CEOs of large companies in Baltics believe interest rates will remain on the same level in the next twelve months – 88% of CEOs in Latvia and Lithuania and 74% in Estonia believe this.

Ref: 102.109.109.5622


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