Bulgarian Business Expects Economic Crisis to Deepen in 2012

Bulgarian Business Expects Economic Crisis to Deepen in 2012

The majority of business leaders in Bulgaria expect the economic crisis to deepen next year, a survey conducted by the Bulgarian Industrial Association showed.

A total of 71% of all participants in the association's annual survey expect economic conditions in the country to aggravate in 2012, while 13% expect an improvement. A total of 500 Bulgarian managers took part in the survey, which was conducted between November 20 and December 7.

One in five managers plans to review his investment programme for next year, while between 30% and 50% are cautious in spelling out their concrete plans, the association said.

The business focuses mainly on creating new products and services (35%) and entering new markets (34%). Few managers plan to increase the volume of production (25%) and even less are thinking of investing in staff training (18%) and taking new bank credits (6%).

A total of 29% of the polled managers, as many as last year, consider downsizing their staff in 2012. Less than 10% plan to hire new employees.


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