Most Ukrainian small business entrepreneurs consider economic situation unfavorable

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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