Wednesday, October 5, 2022
The American Chamber of Commerce in Ukraine today presents the latest results of its Survey. After more than 220 days of the war, the business community continues to operate in Ukraine. 77% of companies believe the war will end in 2023, and 12% - in 2024. 92% of AmCham Ukraine member companies think Ukraine will win the war.
131 CEOs and top managers from AmCham Ukraine member organizations took part in the Survey, conducted from September 26 – October 3, 2022. 71% of the respondents are CEOs, 29% – top managers.
Respondents forecasted changes in revenues, number of employees, and investments of their companies in 2023. 45% of members forecast an increase in revenues; 29% forecast a decrease, and 26% forecast revenues to remain unchanged. 53% of respondents indicate that their companies' headcount will remain unchanged, 27% point out that their companies will decrease the number of employees, while 20% - will increase. 54% indicate that their organizations' investments remain unchanged, 30% of businesses forecast an increase in investments, while 16% – a decrease.
98% of AmCham Ukraine member companies plan to continue operations in Ukraine in 2023, while 2% don't know yet.
42% of AmCham Ukraine member companies believe that the Ukrainian economy will grow in 2023, 41% expect a decline, while 17% think it will remain the same.
As for Ukraine's business climate forecast for 2023, 43% believe it will improve, 40% indicate that it will remain the same, and 17% think it will worsen.
The business representatives were asked to indicate how their organizations managed the current economic downturn. Implementation of cost-cutting efforts (58%), the launch of new services/directions (35%), and putting new projects on hold (34%) were identified as the top-3 major introduced solutions.
The business community was asked about Ukraine's post-war reconstruction period. 37% of the respondents think post-war reconstruction will last 5+ years; 31% of respondents – 10+ years; 22% – up to 5 years.
The business community identified the key drivers for Ukraine's post-war reconstruction process. Among them: access to funding with a transparent distribution of funds (82%); clear strategy & competent leadership (57%); availability of qualified & motivated people (46%); engagement with the private sector & potential investors (44%).
Andy Hunder, President of the American Chamber of Commerce in Ukraine, said: "After 224 days of war, 92% of AmCham Ukraine members believe that Ukraine will win the war, 77% think that the war will end in 2023. Despite the challenges brought by Russia's brutal and unprovoked war against Ukraine, business continues to believe and work in Ukraine. 98% of AmCham Ukraine member companies plan to continue operations in 2023. The business community is resilient and united and already setting a stretch target for 2023, which is a positive signal for the upcoming year."
Full results of the Survey are available here.
About the American Chamber of Commerce in Ukraine:
The American Chamber of Commerce is Ukraine's most powerful international business association that has been serving 600+ members in Ukraine since 1992, delivering the shared voice of US, international and Ukrainian companies, who invested over $50 billion in Ukraine and remain committed to the country till today, during the war. For more information, please visit our website https://chamber.ua/ and Doing Business with Ukrainians page aimed at encouraging the US and global international companies to support Ukrainian businesses and employ Ukrainian talents.