Pessimism prevails for the future economic and financial situation in Europe amongst many managers in Central and Eastern Europe, the Austrian news agency APA reported Monday.
A survey of high-level managers in the region by Roland Berger Strategy Consultants found that 73 percent of those polled believe the economic situation would worsen.
Fifty-four percent of the managers surveyed in Croatia, the Czech Republic, Hungary, Slovakia and Serbia expect further change for the worse, while 39 percent from enterprises in Ukraine and Russia consider the situation unclear.
According to the study, 53 percent of the Austrian and 42 percent of the Russian and Ukrainian companies are wrestling with financing problems.
Decreasing incoming orders are registered by 42 percent of the Eastern European, 28 percent of the Central European and 26 percent of the Austrian enterprises.
Almost all of the polled companies are preparing for harder times. In Austria, cost reduction programs, slashed budgets and hiring freezes are the top actions being taken. Similar moves are being adopted by other Central Europe firms.
Meanwhile, Russian and Ukrainian firms are also mulling hiring freezes and budget cuts.
Source:Xinhua
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