Ukraine’s businesses stand ready to support people in the fight against the novel coronavirus and its outcomes, a survey shows.
According to the survey, published on March 20 by the American Chamber of Commerce and Deloitte, the majority (64%) of surveyed companies are ready to support society in protecting against COVID-19, with 23% of respondents ready to provide financial support.
AmCham polled 104 executives from 96 organizations, mostly foreign companies in Ukraine, on the impacts of COVID-19, a disease that has infected 41 Ukrainians and killed three of them.
Globally, COVID-19 has infected 271,000 people and killed over 11,000.
To prevent the spread of coronavirus in Ukraine, authorities have imposed extensive restrictions, banning the operation of restaurants, leisure and beauty establishments all over the country.
Many employees have been forced to take unpaid leave, facing indefinite disruptions in their income. Former economy minister Tymofiy Mylovanov estimated that at least 500,000 Ukrainians can lose their jobs.
Employment
Still 60% of polled businesses were quite optimistic about their headcount — 47% believe they can maintain the current number of employees and 13% even see themselves hiring new personnel.
About a third of companies surveyed (30%) say that over half of their employees would not be able to work remotely. Another 18% of respondents believe all their staff can work remotely.
Some 65% of respondents see the limited functioning of public transportation as the biggest challenge to safe working conditions for their employees who are not able to work remotely. Over half of the respondents (52%) believe that the lack of protective means like masks and hand sanitizers pose the biggest threat.
Assistance
Another 20% of respondents are ready to provide means of protection, while 10% are ready to provide medical instruments and 6% –medicines.
Some companies, on the other hand, have already started assisting people during the crisis. Some 27% of respondents say they are already providing protective goods, another 20% provide financial assistance and 3% of respondents say they are already giving out medicines.
Additionally, the survey shows that 65% of the companies believe they won’t be able to carry out their 2020 business plans. Some, however, stayed optimistic (16%) and believe they will be able to fulfill their plans.
Measures from the government
According to the survey, Ukraine’s businesses expect the government to “increase the capacity of healthcare services to keep it effective during the pandemic, ensure stable functioning of the banking system, and continue cooperation with the IMF to ensure macroeconomic stability,” the survey reads.
Most of the respondents, 71% of whom were company CEOs, say that the most effective government’s measures in prevention the coronavirus spread in Ukraine is “the permission to conduct banking and insurance activities, as well as keep supermarkets, gas stations and pharmacies open.
On the other hand, respondents had low marks for the effectiveness of measures taken by the government in terms of taxes, public transport, and compliance with the quarantine regime.
Another survey, published on March 13, forecast lower profits for businesses in Ukraine, with 61% of respondents expecting a decrease in sales and cash flow.
Read also: Ex-minister of economy: Half a million Ukrainians may lose jobs in COVID-19 crisis
CORONAVIRUS IN UKRAINE: WHAT YOU NEED TO KNOW
- There have been 47 confirmed cases of COVID-19 in Ukraine. The first case was identified on March 3.
- Three people have died from COVID-19 in Ukraine. One person recovered.
- Three Ukrainians died from COVID-19 in Italy.
- How the Ukrainian government has been responding: TIMELINE
- To fight the spread of the virus, Ukraine shut down public transportation, domestic travel, restaurants.
- Kyiv went into quarantine, shutting down everything by supermarkets, pharmacies, banks, gas stations.
- Ukrainian lawmaker tested positive for COVID-19.
- Misinformation on coronavirus is going viral in Ukraine.
- Why the Kyiv Post isn’t making its coverage free in the times of COVID-19.
- Doctor’s advice: How to stay safe.
- Foreign Ministry: What you need to know about traveling to and from Ukraine now
Effects on economy:
- Here’s what the virus is doing to Ukraine’s economy.
- Ukrainian businesses respond to the crisis.
- The virus disrupts the transport sector. Ukrainian airlines canceled some flights to 16 countries due to the novel coronavirus.
- The National Bank of Ukraine continued to cut the policy rate while trying to buffer the hryvnia from coronavirus panic.
- The former minister of economy says half a million Ukrainians may lose their jobs in the COVID-19 crisis.
