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:: ECONOMY :: THE ROLE OF THE STATE IN SUPPORTING FOREIGN BUSINESS DURING THE WAR PERIOD
 
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THE ROLE OF THE STATE IN SUPPORTING FOREIGN BUSINESS DURING THE WAR PERIOD

 
10.07.2023 16:03
Author: Natalia Serhiivna Zarytska, Candidate of Economic Sciences, Associate Professor of the Department of International Accounting and Auditing, Kyiv National University of Economics named after Vadym Hetman
[1. Economic sciences]

In the present turbulent time, it is very difficult to predict anything, especially acutely this question concerns the economic processes in the middle of our country. State support of domestic business in wartime is an extremely urgent and acute issue, since the future of not only our economy, its subjects, but also the state in general depends on business. The time of very severe tests has come for our state, the war in Ukraine will forever be etched in our history as one of the most painful events, it affected political, social, moral-ethical and financial-economic relations both within the state and beyond. Such changes could not be reflected in the modern business environment without a trace.

Not so long ago, Ukrainian business suffered large financial losses caused by the COVID-19 pandemic, but they cannot be compared with the realities of today, which sometimes cannot even be immediately calculated, precisely such losses from the full-scale war that is currently ongoing in Ukraine. Therefore, the problem of restoring domestic business is now a necessary link that will help rebuild our post-war economic system. That is why the government of Ukraine is working on mechanisms to create comfortable conditions for the development of business, which is the fundamental basis of the economy and the main source of funds for the budget. The war in our country causes huge losses to business, to all categories and groups of citizens, as well as to the country as a whole.

More than ever, the Ukrainian government needs to accumulate its efforts and start supporting Ukrainian business, which now needs the right actions and solutions. Analyzing the current situation in the country, we can say that the state is trying to help businesses develop and remain stable on the market in the current unstable and unpredictable conditions by lowering the interest rate on loans, and as we observe, businesses have a desire to develop and resume their activities, this is evidenced statistical data, because only in the capital for September-October 2022, the number of private enterprises increased by 9.6%.

In conclusion, we can state with confidence that the actions of the government of Ukraine to support business during the war are completely rational and take into account the peculiarities of each type of business as much as possible, creating conditions for its successful recovery and effective functioning. Thus, with the support of the state, international partners and organizations, we hope that Ukrainian business will restore the economy of Ukraine, and will make it possible to bring it to the same level as the leading countries of the world in the future.

References:

1. Yaroslav Holoborodko. War in Ukraine: economy, business, logistics,

help. Official site of transport and logistics. URL:

https://trans.info/ru/viyna-v-ukrayini-ekonomika-biznes-logistika-dopomoga-279148

2. Dmytro Schwartz. Creating a reliable rear: how the state works

business relocation program. URL: UNIAN Information Agency.

https://www.unian.ua/economics/finance/stvorennya-nadiynogo-tilu-yak-pracyuyederzhavna-programa-relokaji-biznesu-novini-ukrajina-11771461.html.

3. Some issues of financial support for entrepreneurship in wartime conditions:

Resolution of the CMU dated 04/12/2022 No. 438. Official portal of the CMU. URL:

https://www.kmu.gov.ua/npas/deyaki-pitannya-finansovogo-zabezpechennyapidtrimki-pidpriyemnictva-umovahvoyennogo-stanu-438.



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