Riga, Sept 10 (LETA) - Nine out of ten companies in the world feel inflation pressure, but they see exports as a solution, the Latvian Chamber of Commerce and Industry (LTRK) informed LETA, referring to the International Chamber of Commerce (ICC) study Chamber Pulse 2025.

In early September, LTRK participated in the World Chamber Federation (WCF) Congress in Melbourne, Australia, where the ICC study was presented. It reflects the state of the global market and business environment, highlighting this year's global economic challenges - uncertainty, inflation and geopolitical tensions - as well as opportunities for businesses through export markets and new technologies.

The study concludes that the pulse of the global economy is now beating restlessly - businesses on all continents are facing uncertainty, rising prices and new risks, while at the same time looking for opportunities through exports and technological developments.

The ICC study brings together the views of 243 chambers from 110 countries, representing more than 90 percent of the world's gross domestic product (GDP). The views expressed by business representatives provide insights into categories such as the global environment, trade, inflation, exports, diversification of markets and artificial intelligence.

The key trend emerging from the study is that the global business environment is becoming increasingly complex. This is also indicated by the fact that 74 percent of organizations consider uncertainty to be the biggest business obstacle, ahead of tariffs and regulations as business disadvantages. Although 89 percent of the business representatives surveyed rate the business environment as acceptable, large regional differences are highlighted.

Inflation is also a barrier to business and economic development, with 90 percent of countries still experiencing price rises, affecting both consumers and exporters. Challenges are also driving global companies to increasingly diversify markets and suppliers and avoid relocating production.

Technological developments and artificial intelligence are seen as opportunities for companies to grow, as 80 percent of the chambers surveyed also indicate. However, only a fifth of the countries represented in the survey have implemented these solutions, as entrepreneurs face challenges in this respect such as lack of knowledge and skills.

Katrina Zarina, Member of the LTRK Board, Director of the Foreign Affairs Department, informed that this year also the LTRK provided its assessment of the developments in Latvia and the world and the mood of entrepreneurs by participating in the ICC World Economic Survey. Zarina admitted that the main conclusions and recommendations of the survey are not surprising.

"We need to think about how to use this uncertainty in the minds of the world's entrepreneurs wisely, how to be a stable and reliable partner in the world - both in business and politically, and how to "get our foot in the door" to make the next step forward more successful," says Zarina.

She pointed out that the Chamber Pulse 2025 study allows to assess trends in the business environment, compare Latvia's situation with global indicators and make strategic decisions on growth, exports and innovation.

Currently, the LTRK concludes from the study that new export markets, cooperation between countries in the region, diversification of supply chains, as well as investments in skills and artificial intelligence are Latvian entrepreneurs' weapons to fight local and global economic challenges, uncertainty and labor shortages, while increasing competitiveness in the international arena.