About 50% of Kiev SMEs closed due to quarantine

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According to a new study, small businesses will suffer the most from the economic crisis.

About 50% of SMEs in Kyiv will be closed due to quarantine. Photo: led watch-adboot.com

The most negative consequences of quarantine will be faced by representatives of small businesses with a workforce of up to 5 people. According to the results of a new study Economic reality, 45% of SME’s representatives predicted that their company would cease to operate in the near future.

It is reported that between 2033 and 20 March, 933 respondents were surveyed online jointly with the Center for Applied Research and the Center for Urban Development. As part of the study, participants were divided into three categories:

  1. Producers of goods and services (63% of respondents) and sellers of goods and services (37%)
  2. Companies that operate in the market for less than 1 year (4%), 2-5 years (23%), 5 years (18%), 10 years (55%).
  3. By the number of employees – owners self-employed, up to 5 employees, up to 20, up to 50, up to 100, up to 100 to 500, and over 500

According to the researchers, 69% of the respondents are small businesses, 25% – medium-sized companies and 6% – companies that have more than 500 employees.

Therefore, according to the results obtained, 35% of Kyiv enterprises are preparing to stop work, and 40% (or 132 thousand) lose their jobs in the next week’s risks. About 40% of companies with more than 100 employees sent part of their employees on leave without pay.

Assessing measures taken by the authorities to combat the economic consequences of quarantine, trade representatives considered only a temporary moratorium on trade inspections and the legal classification of quarantine conditions most effective – 34% and 31%, respectively.

Other government initiatives have not found support among the business community in Kiev, the authors of the survey note. 58% of entrepreneurs surveyed considered government measures to overcome the coronovirus epidemic ineffective.

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Earlier we wrote that Vladimir Zelensky asked the deputies of the people to pass two bills on the land market and banks, which are necessary to get international financial support. The president said that in the event of a failure of the vote for these bills, “there would be a risk of a deterioration in the economy and even a default.”

Read: Support for business customers: FUIB cancels a fee to be paid in national currency for the quarantine period


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