Most Ukrainian small business entrepreneurs consider economic situation unfavorable

According to the research conducted by the European Business Association, 69.1% of Ukrainian small business entrepreneurs consider that the economic situation in the country is still unfavorable for doing business.

These are the results of the Small Business Attitudes Index, conducted for the third year in a row by the European Business Association.

“Thus, the biggest obstacles to business were the tax burden (49.6%) and the high level of corruption (46%). It should be noted that the dissatisfaction with these two factors decreased compared to 2018 (56.4% and 51.9% respectively),” reads the statement.

According to the index results, 42% of respondents are satisfied with the current state of business affairs (compared to 31.6% last year); 29.2 of respondents are not satisfied with the current economic situation (against 38.4% last year).

The number of entrepreneurs who expect an improvement in the business situation has increased by 10% compared to last year – 58.7% against 47.4%. Almost half of entrepreneurs plan to increase the number of employees – 40.8% plan to hire new people, and only 9.6% plan to cut. In addition, 44.6% plan to increase the salary for their workers.

Over the past year, entrepreneurs’ satisfaction with their level of profits has increased dramatically – almost one and a half times. Last year, only 27% of respondents were satisfied with their income, and now there are 40.7% of them. However, it should be noted that the vast majority (59.3%) would still like to earn more.

In general, the results of the Small Business Attitudes Index showed an increase in optimistic views among Ukrainian entrepreneurs. Thus, the index rose to 3 points out of 5 possible, compared to 2.7 points last year, and finally came out of the negative plane.

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