Entrepreneurship in the time of COVID-19: Challenges, Opportunities and Governmet Assistance in Latvia

Abstract

The aim of this article is to analyse the government assistance provided to entrepreneurs in Latvia and its efficiency and appropriateness to the economic conditions encountered by entrepreneurs during the COVID-19 crisis. An insight into international experience creates the framework of this study. The empirical analysis is based on secondary data analysis and entrepreneur’s survey data on business response to COVID-19 related pandemics restrictions and government assistance in Latvia. The observed business areas are financial and risk management, international trade, communication, employment, innovations, strategic change and legal issues. The paper finds that the crisis affected the most such industries as accommodation and food services; arts, entertainment and recreation. The result provides support to justification for a national long-term crisis management strategy for business sustainability.