On Thursday, May 4th, the Union of Ukrainian Entrepreneurs held an online meeting with the experts of the International Monetary Fund.
During the conversation, the most pressing challenges in Ukraine’s economic life were discussed. The Union members noted that despite the war, Ukrainian business has managed to adapt to the negative consequences and, in some cases, even overcome them. However, recent export bans by Ukraine’s closest neighbors and partners have cast doubt on the previous achievements of our business.
The biggest risks were discussed in detail, including noted by Union members: increasing the intensity of military operations, the possibility of further attempts to destroy the energy infrastructure and, accordingly, problems with electricity supply; reducing domestic consumer demand due to stagnation of population income and a decrease in the number of consumers; increasing the cost of some goods due to higher energy and rent prices, as well as logistics issues.
According to the Union members, the risks associated with military actions persist, which Ukrainian business takes into account and tries to minimize. At the same time, there is a risk in the external sector – the inaccessibility of the grain corridor, which can significantly affect macroeconomic stability. Risks of increasing the trade deficit in goods and the continued outflow of private capital abroad were also mentioned by Union members.
The Union is grateful to the International Monetary Fund for its support of Ukraine in conditions of unprecedented economic uncertainty. Ukrainian business highly appreciates the support of the IMF in the direction of supporting macroeconomic stability, economic recovery, and implementing reforms necessary for Ukraine’s accession to the EU
