Peculiarities of doing business in the economic crisis
Year: 2024
Type: article
Abstract: Operating in an economic crisis is not something special for the vast majority of domestic businesses. In the more than thirty years of Ukraine's independence, they have had to operate in the face of high inflation, devaluation of the national currency, political crises, mass protests, constant changes in the legal framework and taxation system, high corruption pressure, regional military conflicts, and significant quarantine restrictions. However, the situation from February 2022 to the present is exceptional and, for obvious reasons, extremely difficult.Studying the peculiarities of doing business in an economic crisis in general and the specific crisis situation of today in particular helps entrepreneurs and managers identify potential threats and find new opportunities for business development in difficult times. Understanding the processes that take place during economic crises allows us to formulate an effective policy of state support for business and the economy as a whole.This article is devoted to doing business in times of economic crisis and the impact of crisis phenomena on entrepreneurial activity and business performance. Its purpose is to highlight the peculiarities of entrepreneurship in times of crisis, in particular, the crisis caused by the full-scale war in Ukraine.The tasks of the article are solved by applying a set of general scientific and specific methods that allow to reveal the theoretical aspects of the problem raised and outline the prospects of domestic business in the context of the ongoing large-scale armed conflict. The article highlights the peculiarities of doing business in the context of the economic crisis, the specific circumstances that characterize the Ukrainian crisis of 2022 – 2024. Using the example of key economic and financial indicators, the author reveals the extent of the impact of the unfavorable external environment on the volume and efficiency of business activities in modern Ukraine. The article outlines the possibilities of using various elements of marketstrategies for relatively efficient business conduct in the current situation. The practical significance of the article is to identify potential opportunities and promising areas for adaptation of business entities in Ukraine to work in the new extremely unfavorable external environment.
Authors: Tetiana Denysenko, Yaroslav Borysenko
Institution: Chernihiv Polytechnic National University
Language: English
Topic: Economic Issues in Ukraine
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4408530445