THE IMPACT OF THE COVID-19 PANDEMIC ON THE ACTIVITIES OF BUSINESS ENTITIES

Анотація

COVID-19 has affected almost all businesses in Ukraine. In addition, it showed how insecure both business owners and hired employees can be. From March 2020, the Ukrainian authorities repeatedly altered the conditions of quarantine restrictions, trying to find a balance between the effective impact on the COVID-19 incidence and their consequences for business. Consequently, entrepreneurs had to look for new strategies of conduct constantly. The 2021 economic situation is still influenced by the spread of the COVID-19 pandemic against the backdrop of emergent COVID strains, the ongoing vaccination campaign and the growing level of society’s adaptation to new conditions. The Ukrainian authorities are making attempts to help entrepreneurs and revive business. 240.900 persons decided to become sole proprietors during the quarantine, that is 5.000 less than in the same months before the quarantine. The largest number of sole proprietors was in the field of programming (more than 30 thousand), provision of information (6.39 thousand) and other individual services (5.44 thousand). Sole proprietor businesses were actively launched in the field of delivery and health care. Tourism, the restaurant business and the sale of non-food products and the provision of services were most affected. One of the industries most affected by the pandemic is the restaurant business. Ukrainians were much less likely to visit coffeeshops and restaurants in 2020. Consequently, many of them never managed to survive the quarantine year. The results of the study, conducted in the early quarantine period, indicate that 29% of Ukrainian companies suspended their work during the quarantine restrictions, and 6% closed down their business. The analysis of the impact of quarantine measures on particular sectors of activity of the most affected enterprises is carried out. The research specified challenges faced by economic entities due to the introduction of quarantine and the study of ways of business transformation for effective functioning in the pandemic. The mechanisms of providing state support for business and their effectiveness are analyzed.

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