At the beginning of September, Latvia’s largest business association, the Latvian Chamber of Commerce and Industry (LTRK), participated in the World Chambers Federation (WCF) Congress in Melbourne, Australia, where the International Chamber of Commerce (ICC) study “Chamber Pulse 2025” was presented. It reflects the situation in the global market and business environment, highlighting this year’s global economic challenges – uncertainty, inflation and geopolitical tensions – as well as opportunities for companies through export markets and new technologies.

The pulse of the global economy is currently beating restlessly – entrepreneurs on all continents are facing uncertainty, rising prices and new risks, but at the same time are looking for opportunities offered by exports and technological development. These feelings and trends are highlighted in the annual Chambers Pulse survey, which compiles the opinions of 243 chambers from 110 countries, representing more than 90% of global GDP. The opinions expressed by business representatives provide insight into categories such as the global environment, trade, inflation, exports, market diversification, and artificial intelligence.

The study highlights a key trend: the global business environment is becoming increasingly complex. This is also indicated by the fact that 74% of chambers consider uncertainty to be the biggest obstacle to business, surpassing tariffs and regulations as unfavorable conditions for business. Although 89% of the business representatives surveyed consider the business environment to be acceptable, significant regional differences are highlighted. Inflation also hinders business and economic development, with 90% of countries still experiencing price increases that affect both consumers and exporters. Similarly, existing challenges are encouraging global companies to increasingly diversify their markets and suppliers and avoid relocating production.

Technological development and artificial intelligence are seen as an opportunity for companies to grow, as indicated by 80% of the chambers surveyed. However, only one-fifth of the countries represented in the study have implemented these solutions, as entrepreneurs face challenges such as a lack of knowledge and skills in this area.

Katrīna Zariņa, member of the LTRK Board and Director of Foreign Affairs, says: “This year, the LTRK also provided its assessment of developments in Latvia and worldwide, as well as the mood among entrepreneurs, by participating in the ICC World Economic Survey. It must be said that its main conclusions and recommendations are not surprising. We need to think about how to make smart use of the uncertainty that prevails in the minds of world leaders, how to be a stable and reliable partner in the world—both in business and politics—and how to “get our foot in the door” in order to take the next step forward more successfully.”

The World Chamber Pulse study allows us to assess trends in the business environment, compare Latvia’s situation with global indicators, and make strategic decisions about growth, exports, and innovation. At present, it can be concluded that new export markets, cooperation between countries in the region, diversification of supply chains, as well as investments in skills and artificial intelligence are the weapons Latvian entrepreneurs can use to combat local and global economic challenges, uncertainty, and labor shortages, while increasing competitiveness in the international arena. The results of the study are available here https://ej.uz/pasaules_kameru_petijums