Monday, January 20, 2025
The American Chamber of Commerce in Ukraine (AmCham Ukraine), jointly with member company Citi Ukraine, presents the results of the latest survey Doing Business in Wartime Ukraine. January 2025. This survey aims to assess the current business sentiments, companies' strategies for 2025, and expectations from the geopolitical changes.
Ninety-six percent of AmCham member companies operate today – 85% of members are fully operational, and 15% operate partially, demonstrating remarkable resilience and adaptability.
A large majority (77%) of AmCham members foresee continued US support to Ukraine at the current level and/or expect an increase in support through proactive measures, while 23% anticipate a decrease.
When asked about the prospects of a ceasefire in 2025, 61% believe it is likely, while 31% are doubtful, and 8% fear an escalation on the front line. At the same time, 81% of members believe the ceasefire will have a positive impact and will drive an increase in business activity in 2025.
"Eighty-five percent of companies are fully operational and will continue to invest in Ukraine in 2025. This is a powerful signal for those eyeing Ukraine as an investment destination. While 77% of businesses anticipate continued or increased US support, Ukraine's recovery momentum is positioning the country as a hub of opportunity for forward-thinking investors", commented Andy Hunder, President of the American Chamber of Commerce in Ukraine.
When comparing sales expectations for 2025 vs. 2024, 53% anticipate growth, with the majority projecting modest increases of up to 15%. Meanwhile, 37% expect sales to remain flat, and 10% foresee a decline. When comparing sales to pre-war levels, 39% of respondents predict growth, while 34% expect a decline, and 27% believe sales will remain stable.
Investment remains a priority for many businesses. AmCham members remain committed to investing in Ukraine, even in challenging times: 35% anticipate increased investments in 2025, while 48% plan to maintain the current level of investments. The European Union is expected to be the primary source of investment (88%), followed by the United States (71%), with Asia contributing 18%.
"The Ukrainian economy has shown remarkable resilience, adapting to new realities and sustaining key industries despite challenges, and still finding ways to grow. Recovery and rebuilding efforts have the potential to attract material investments in time, setting the stage for economic growth for long-term GDP expansion. The commitment of 98 percent of companies to remain operational, with 85 percent fully active, sends a powerful message to investors: Ukraine is ready for transformation, investment, and future of economic strength," said Alexander McWhorter, AmCham Ukraine Board of Directors Vice Chair, Citi Ukraine Country Officer.
Regarding employee and management locations, the survey found that 45% of companies have all employees based in Ukraine, while 43% operate in a hybrid model with employees inside and outside the country. Furthermore, 59% of management teams are fully based in Ukraine, and 37% operate in hybrid settings.
The overall economic outlook for 2025 is cautiously optimistic. Over forty percent of respondents expect an increase in economic and business activity compared to 2024, while almost fifty percent foresee stability, and 12% predict a decline.
One hundred forty-five CEOs and top managers of AmCham member companies representing diverse industries participated in the survey, conducted on January 8 – January 16, 2025. Two-thirds of the respondents are CEOs.
DETAILED SURVEY RESULTS ARE AVAILABLE HERE.
About AmCham Ukraine:
The American Chamber of Commerce is Ukraine's most influential 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. For more information, please visit AmCham's website.
About Citi Ukraine:
Citi Ukraine (JSC Citibank) has had a presence in the country for more than 25 years, serving multinationals, large Ukrainian corporations, some public sector in the country, and mid-sized clientele. In 2020, JSC Citibank obtained the Expert Rating Credit Agency's highest credit rating of AAA on the national scale and was recognized Best Corporate/Institutional Digital Bank in Ukraine by Global Finance World's Best Digital Bank Awards 2020 as well as Market Leader in Ukraine by Euromoney Cash Management Survey 2020 for corporates.
