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Viktor Medvedchuk: The deep financial crisis of Ukrainian enterprises has become a harsh reality

Speaking about macroeconomic stabilization, the authorities focus on slowing down the fall in real GDP, some improvement in the industry situation and a number of other sectors of the economy, in order to justify their criminal inaction, lack of understanding of the ongoing processes and, most importantly, inability to get out of this failure. Most of the industries are still in deep crisis, and one can hardly talk about restoring economic growth yet.

At the same time, the government is actually ignoring the situation of deep financial failure that Ukrainian enterprises are experiencing. As a rule, we are talking about financial problems faced by small business in Ukraine and which are largely generated by the actions of the authorities themselves, namely: increased fiscal and administrative pressure on business, endless lockdowns paralyzing entrepreneurial activity up to massive bankruptcies of small enterprises, dismissal of employees... State support for small businesses turned out to be negligible.

As for large and medium-sized enterprises in Ukraine, the government prefers not to notice the fact that they are also going through a deep crisis.

The financial result before taxation of large and medium-sized enterprises for 2020 amounted to UAH 264.4 billion of profit. That is 1.7 times less than in 2019, when enterprises showed UAH 446.9 billion in profit. This was reported by the State Statistics Service of Ukraine with reference to the preliminary results of the last year financial results.

According to the official data of the statistical department, the profit of enterprises amounted to UAH 602.3 billion, which is 2.9% less than in 2019, but losses were made in the amount of UAH 337.9 billion, then there is 94.6% more compared to 2019.

The share of unprofitable enterprises in January-December 2020 amounted to 29.2% (while in January-December 2019 – 19.5%).

Of course, that is a deep financial failure of large and medium-sized businesses in Ukraine. And while the financial situation of large and medium-sized businesses has not stabilized, there is no reason to talk about overcoming the economic crisis.

Viktor Medvedchuk,

Chair of the Political Council of the “Opposition Platform - For Life” party

Опубликовано: 6 May 2021