EUROCHAMBRES Economic Survey 2022

The 29^th annual EUROCHAMBRES Economic Survey (EES2022) reflects the general sense of confidence regarding the recovery from the COVID-19 pandemic in 2022. At the same time, as we gradually enter a new economic phase, the possibility of unprecedented threats and growing risks remains. This opinion is shared by the President of EUROCHAMBRES - Christoph Leitl and Tsvetan Simeonov - President of the Bulgarian Chamber of Commerce and Industry.

The newly published EUROCHAMBRES Economic Survey 2022 (EES2022) sets out the expectations of over 52,000 companies in 26 European countries for the coming year. As the mismatch between global supply and demand is expected to continue next year, entrepreneurs expect a rather positive 2022, with continuing concerns about potential supply chain disruptions and changes in consumer behavior.

Following the very poor performance recorded in the EES2021 edition, all EES2022 indices are expected to perform better, feeding the overall business environment with positive expectations for the speed of recovery processes. However, businesses expect that access to energy and raw materials will be their biggest challenge next year, along with uncertainty about labor market adjustments as a result of a shortage of skilled workers and overall increases in labor costs.

For Bulgaria, a positive observation is the fact that the requirements for sustainable development are not considered a negative factor. Concerns about rising energy and raw material prices dominate, which, unfortunately, are due to poor assessment and incorrect national and European policies in the sector – both in the short and long term. Comparing EES2022 with EES2021, an almost twofold increase is registered in entrepreneurs' concerns about energy and raw material prices.

In addition, in Bulgaria it is necessary to improve the business environment by providing wider access to digital services for businesses and citizens to facilitate their daily communication with the administration. Measures to support companies in the event of continuation of the pandemic must be predictable, rapid and create resilience for businesses. Companies must have access to the tools for innovation, digitalisation and greening in short terms under the Recovery and Resilience Plan.

The results of EES2022 show that a gradual growth is expected in 2022 in terms of both national and export sales. After a period of reduced demand and supply chain constraints, the resumption of economic activity and lower household savings are expected to be the drivers of economic recovery in 2022. In addition, investment decisions temporarily suspended or postponed during pandemic are likely to push European businesses towards a digital and greener long-term trajectory.

This year's EUROCHAMBRES Economic Survey offers policy-makers at EU and national level valuable information on key areas of intervention for improvement after the pandemic. The gradual allocation of national funds for recovery and resilience will support the adoption of innovative and sustainable business models.

EUROCHAMBRES and the national chambers of commerce and industry will continue to support businesses and entrepreneurs intensively, encouraging discussions on the policy priorities highlighted in EES2022.