Businesses operating in Wales face a "challenging immediate future", a new report suggests. The Economic Intelligence Wales's annual report for the 2021/22 financial predicts a difficult economic climate for small Welsh firms.
Global growth forecasts have been revised downwards for 2022 and 2023, following a drop in the UK’s GDP of 0.3% in April, and with business investment nine per cent below its pre-pandemic level.
Inflation is an even larger concern for small businesses in Wales when compared to their counterparts across the rest of the UK. June 2022 saw almost 56% of Welsh SMEs fall into caution and high-risk categories compared with 53.7% in May 2021.
