The results of the "Business Confidence Index 2020" survey are presented

The MNCCI released its Business Confidence Index and other data related to the current economic situation. Which aims to assess and improve the overall state of the business environment and identify ways to overcome the crisis.

The “Business Confidence Index 2020” survey is presented at a time when all sectors of the economy, business, investment, trade, services, construction and infrastructure have been hit hard by the COVID-19 pandemic and the subsequent embargoes, and the crisis has been deepened. And the index was -0.28, lower than in the last four years. In particular, unfavorable external markets, slowing export growth, declining foreign direct investment, disruption of normal operations of enterprises, and declining revenues and profits contributed to this assessment.

 Total of 132,000 entities submitted tax reports in 2020, but that 98,000 enterprises submitted “X” reports. An X report is a taxpayer report claiming no income or expenses during the reporting period. Financial reports were submitted by 34,000 enterprises, compared to 61,000 entities reporting in 2019.

Entrepreneurs expect the business environment to deteriorate further in 2021. Hence, the businesses are in need of government support.