Lithuania has received a major endorsement in a survey of Swedish company executives based in the Baltic states. Ninety-four per cent (94%) of those based in Lithuania rated the country positively as a place for responsible business – with 71% rating it as “good”, the highest percentage among all three Baltic states. Only 6% of respondents expressed an unfavourable view – the lowest among the three countries.
The survey also reveals a significant rise in those who regard Lithuania as a good place to do business with: 76% of executives now rate the country as “good” or “excellent” – up from 55% when the survey was last carried out in 2015.
Also on the up, according to survey respondents, is Lithuania’s ease of company registration. While 10% of executives based in Estonia, and 13% of those in Latvia, said it had become more difficult to set up a business since the 2015 survey, 18% of respondents in Lithuania said the process was now easier. This mirrors the findings of the World Bank’s recent ‘Doing Business’ survey, which now sees Lithuania ranked among the top 20 business-friendly countries in the world.
Overall, the Business Climate Survey 2018 presents an optimistic outlook across the Baltic states, with executives in Lithuania and Estonia reporting greater confidence in the future than their colleagues in Latvia. According to the survey, Lithuania has the most creative workforce in the Baltics, with Lithuanians also delivering a higher productivity-to-salary ratio than their Baltic neighbours – though this is expected to equalise within the next 2-3 years.
The survey was carried out during March and April 2018 by Business Sweden, in collaboration with the country’s embassies in Vilnius, Riga and Tallinn, and legal firm Glimstedt. Taking part in the survey were 95 non-local executives based in Lithuania, Latvia and Estonia, representing Swedish companies of all sizes and sectors. Respondents were asked qualitative and quantitative questions relating to the current business climate and future outlook in the Baltic states.
To read the full results of the survey, download the PDF.
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