This report is a summary of the results from round 11 firm surveys. Survey results from March 2022 show a continued stabilization of the business environment. The reported decline in profits since January 2021 (on average across all firms) narrowed to 31 percent, a marked improvement since late last year. The share of firms reporting difficulties making repayments on loans and other business credits also fell slightly to 13 percent, the lowest since June 2021 (down from 18 percent in December 2021). Despite operating in an uncertain business environment, most firms do not anticipate permanent business closure as an option even if the current situation does not improve in the next three months. However, only 14 percent of firms reported plans to invest and expand their business in 2022, indicating that the business environment and outlook remain challenging.

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