19:45 15.12.2023

Less than quarter of AmCham members in Ukraine expect war end in 2024

2 min read

Some 24% of participants in the survey of the American Chamber of Commerce in Ukraine (AmCham) expect the end of the war in 2024, while 40% believe that it will end in 2025, 17% – in five years, and the rest chose a different answer, the chamber said in a press release on Friday.

According to the survey results, apart from Russia's full-scale war in Ukraine, the biggest geopolitical risks companies see for 2024 that may impact Ukraine and, potentially, their business are: US elections (69%), global armed conflicts/wars (50%), supply chain disruptions (41%), economic security (32%), and resource scarcity (21%).

It is noted that 27% of AmCham member companies exceeded their planned financial results in 2023, while 24% failed to achieve them.

Speaking of 2024, 46% of the Chamber's member companies hope for revenue growth, 41% do not expect changes, and 13% predict a decrease.

More than a half of respondents - 55% - indicate that their companies' headcount will remain consistent, 33% point out that their companies will increase the number of employees, and 12% expect a decrease in employees.

In addition, 54% of respondents indicate that their investments will remain consistent, 37% of businesses forecast an increase in investments, while 9% – a decrease.

The top-3 steps the Ukrainian Government should take to significantly help businesses on the ground are: strengthening national security and defense and demining of Ukrainian territory (24%), implementing real and effective judicial reform (23%), ensuring supply chain security by resolving situation with logistics on the borders and maritime transportation (20%).

Among other steps are easing currency restrictions on repatriation of dividends and/or paying interest on external loans, ensuring predictability and stability of tax legislation, as well as clear and transparent reservation procedure, and increasing the volume of political risks insurance coverage.

Some 108 CEOs and top managers from AmCham Ukraine member organizations took part in the survey conducted in the first half of December 2023. Seventy-six percent of the respondents are CEOs.