The American Chamber of Commerce in Ukraine has said over 60% of companies in Ukraine saw a drop in revenue amid the coronavirus epidemic and quarantine-related curbs imposed by the government.
"COVID-19 hit revenues of Chamber member companies, number of employees, and investments. 64% of members saw a decrease in revenues; only 5% reported an increase. 80% of companies managed to retain all their employees, 18% have cut staff. 49% of companies plan to decrease investments in Ukraine," according to a survey, titled "Doing Business After COVID-19 Lockdown in Ukraine," carried out by the Chamber Ukraine in partnership with its member company Citi Ukraine.
At the same time, 78% of Chamber members have their reopening strategy ready, and 44% plan to be back in the office in June-July 2020.
"The main focuses of companies' post-COVID-19 business strategies are digitalization and online services, returning to 'business as usual,' and retaining employees," said Andy Hunder, President of the American Chamber of Commerce in Ukraine.
The anticipated time when companies' revenues will return to "normal" differs, but the vast majority forecasts the end of 2020 or the beginning of 2021 with 17% in Q3 2020, 24% in Q4 2020, and 16% in Q1 2021.
It is also noted the primary long-term concerns of the business community are economic and consumer recession (80%), political and macroeconomic stability (51%), inability to fulfill business plans (36%) and recurring COVID-19 outbreak (36%).
For reference: The American Chamber of Commerce in Ukraine represents more than 600 member organizations, the biggest investors and the largest multinationals operating in Ukraine. Since 1992, the Chamber has been delivering the voice of business in Ukraine.