On 9 October 2023, the Government submitted its budget proposal for 2024 to Parliament. Parliament held a referral debate on the appropriations proposed for the administrative branch of the Ministry of Economic Affairs and Employment on 11 October 2023.

The expectations of small and medium-sized enterprises (SMEs) fell towards the end of the year. The near-term outlook of companies has been negatively affected by Russia’s war of aggression in Ukraine and the rising prices fuelled by the war. The European Central Bank continues to raise interest rates and the energy market is in turmoil.

The measures taken in the administrative branch of the Ministry of Economic Affairs and Employment will support economic growth that is socially, economically and ecologically sustainable. The key objectives include ensuring a predictable investment environment, promoting productivity growth and full use of available labour, supporting clean technology investments and improving energy self-sufficiency.

On 29 April, the Government decided how to allocate the REACT-EU funding to regions. Close to EUR 255.4 million was allocated to the ongoing structural funds programme ‘Sustainable Growth and Jobs’ for 2014–2020. The REACT-EU funds will be used to help regions recover from the coronavirus pandemic.