Lack of trust costs billions – survey

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Due to lack of trust in mutual business relations 47 percent of Polish firms resign from signing some deals, according to a survey by researchers from Poznań University of Economics conducted for the National Debt Registry (KRD) . As a result, Polish companies could lose even PLN 281 billion in 2014.

As much as 73 percent of respondents claim that they have to be careful doing business in order not to become a victim of fraud. Over half of them think that other entrepreneurs use legal loopholes to gain additional benefits from a contract at the cost of its partner. What is more, 41.7 percent of the surveyed companies admitted that some transactions are not completed, because they do not trust they contractors.

“In total, the Polish economy lost PLN 281 billion in 2014 due to lack of trust,” the experts pointed out.

“If the level of trust is lower, the will to cooperate is lowered as well. Without this will, small and medium firms will not be able to merge to fund research necessary to create new products and services,” Adam Łącki from KRD said.

 

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