Illustrative stock photo (source: Unsplash)
Although the business environment in Slovakia worsened again in the first half of the year, the drop was milder than in the past.
Everything you need to know about the Slovak business environment can be found in our Investment Advisory Guide.
This stems from the recent Business Environment Index published by the Business Alliance of Slovakia (PAS), which surveyed entrepreneurs about the impact of the state, other outer factors and the companies themselves on the business environment.
When compared with the same period last year, the index dropped by 3.7 percent to 41.11 points (out of 100 points). Compared with the second half of 2019, it fell by 1.08 percent.
“Entrepreneurs mitigated their negative perception of the business environment in the last six months,” said Peter Serina, executive director of PAS, as quoted by the TASR newswire.
Even though the index dropped again, the decrease is milder, also taking the crisis caused by COVID-19 into consideration. It gives hope that the index could start to grow in the future, according to Serina.
Also positive aspects
The biggest barriers in conducting business in Slovakia in the first half of 2020 included the comprehensibility, the usability and the stability of legislation, the reliability and the financial discipline of the business partners, and the legislation concerning payroll levies.
Next comes bureaucracy, the obstructions in the processes at the offices, the record keeping and performance, the productivity, the profitability of a company, the law enforcement, the functionality of the judiciary system, the functionality of the political system, and price stability.
On the other hand, entrepreneurs praised the legislation on trade relations and labour laws, the stability and predictability of the euro exchange rate, the environmentally-related activities of companies, the openness and information provided to the public, and the behaviour towards business partners.
