When budgeting for next year, the CEOs considered a currency rate of UAH 28 / 1$.  For this year, their respective forecast was UAH 30/1$.

A large majority (90%) of managers expect to increase employee salaries in the amount of 5-20%.

At the same time, the number of CEOs wishing to expand staff levels decreased. Nearly half (47%) plan to leave the number of employees unchanged. Only 46% plan to recruit new people due to staff expansion (last year, 58% of CEOs did so).

The study also showed that large-scale investment business projects are not planned, and 67% of CEOs confirmed this.

Anna Derevyanko, Executive Director of the European Business Association:

Every year we conduct about ten different studies that help measure business sentiment and serve as an indicator of reforms progress in the country. We ask CEOs of our member companies first about their plans and forecasts for the next year, and then conduct a post-survey - Investment Attractiveness Index. Interestingly, the expectations of CEOs are mostly positive every time, but then their assessment of doing business is mostly pessimistic and fluctuates between neutral and negative. That means that the country’s economy is driven by optimists, whose expectations of the government remain unsatisfied. Perhaps, this year the situation may change - we will see by the results of the Investindex at the end of the year. We thank businesses for the positive signals, their willingness to increase salaries and invest in the development of Ukraine. We hope that the authorities, for their part, will create conditions for companies to feel support, security and attention to the issues that the business community has been signaling for a long time.

In addition, the survey defined the top-3 tasks from business for the next year. For a long time, they remain the same – a fight against corruption, judicial reform and establishment of the rule of law, political stability, and good governance.

It is worth noting that the survey conducted in early 2019 demonstrates the same tasks for the country’s leadership, along with the introduction of land reform and a fight against the shadow economy. We hope that businesses’ voice will be heard so that the country can develop.

Additional information: 

104 CEOs of EBA member companies took part in the survey “Business Forecast 2020”. The questionnaire consisted of 10 questions. The research has been conducted for the past four years.