December 14, 2023
The American Chamber of Commerce in Ukraine presents the results of its End-of-Year Survey on Doing Business in Wartime Ukraine. Companies continue operating in Ukraine, paying taxes, creating jobs, and keeping Ukraine's economy running. 74% of AmCham member companies managed to achieve planned financial results in 2023 (27% – achieved more than was planned). 24% – didn't achieve planned financial results.
The business representatives gave a forecast of their companies' revenues, number of employees, and investments in 2024. 46% of AmCham member companies hope to see an increase in revenues; 41% – think revenues will be consistent, and 13% forecast a decrease. 55% of respondents indicate that their companies' headcount will remain consistent, 33% point out that their companies will increase the number of employees, and 12% expect a decrease in employees. 54% of respondents indicate that their investments will remain consistent. 37% of businesses forecast an increase in investments, while 9% – a decrease.
The business community was asked about when the war in Ukraine will end. 40% of companies believe the war will end in 2025, 24% in 2024, and 17% in 5 years.
The top-3 steps the Ukrainian Government should take to significantly help businesses on the ground are: strengthening national security and defense and demining of Ukrainian territory (24%), implementing real and effective judicial reform (23%), ensuring supply chain security by resolving situation with logistics on the borders and maritime transportation (20%). Among other steps are easing currency restrictions on repatriation of dividends and/or paying interest on external loans, ensuring predictability and stability of tax legislation, as well as clear and transparent reservation procedure, and increasing the volume of political risks insurance coverage.
According to the survey results, apart from Russia's full-scale war in Ukraine, the biggest geopolitical risks companies see for 2024 that may impact Ukraine and, potentially, their business are: US elections (69%), global armed conflicts/wars (50%), supply chain disruptions (41%), economic security (32%), and resource scarcity (21%).
108 CEOs and top managers from AmCham Ukraine member organizations took part in the survey conducted in the first half of December 2023. 76% of the respondents are CEOs.
