Open AccessВUSINESS ENVIRONMENT IN UKRAINE: PROBLEMS AND PROSPECTS OF DEVELOPMENТ
Author(s) -
Oksana Pikulyk
Publication year - 2021
Publication title -
deržava ta regìoni. serìâ: ekonomìka ta pìdpriêmnictvo
Language(s) - English
Resource type - Journals
eISSN - 2707-0719
pISSN - 1814-1161
DOI - 10.32840/1814-1161/2021-2-4
Subject(s) - business , entrepreneurship , transparency (behavior) , business environment , industrial organization , new business development , commerce , business model , finance , marketing , business administration , political science , law
The purpose of the reform in Ukraine is to create a favourable environment for the development of and doing business, necessary for the country to achieve a higher level of economic growth and integration into the EU common market. The aim of the reform in Ukraine is to create a favorable environment for business development and business, necessary for the country to achieve a higher level of economic growth and integration into the EU common market. Clear and transparent marketplace rules, fair and predictable behaviour of regulatory bodies and absence of regulatory barriers are vital for the comprehensive development of entrepreneurship and attracting investments into the country. These are the conditions that must be ensured by the business climate initiatives. The article is devoted to the business environment in Ukraine, which is a prerequisite for the use of the potential of the business, improve efficiency and stability of the economy. The author analyzes the components of the domestic business environment, namely: institutional, legal and regulatory environment, in which business operates. Determined that unresolved problems in the field of institutional support of business is the low accessibility of financial resources, low efficiency of commodity and stock exchanges, which delays the process of revival of domestic production. The legal environment of business are imperfect and inefficient. Regulatory conditions the business environment are characterized by a satisfactory level of transparency and consistency of state regulatory policy in the sphere of entrepreneurship in Ukraine. The complexity of starting a business, the lack of a single source of entrepreneurship information, the burdensome tax administration system, misuse of power by regulators, corruption and confusing regulation — this is by no means an exhaustive list of external obstacles encountered by entrepreneurs in Ukraine. Add to this a number of internal challenges typical for each business and many other operational details. In order to stimulate the emergence of new businesses in the Ukrainian market and to enable the existing businesses to focus on their development rather than on combating external factors falling within jurisdiction of the state, the Ministry of Economic Development and Trade has launched a series of reforms sharing the same key goal of making Ukraine a more attractive place for doing business. Systemic work to improve Ukraine’s position in the Doing Business raking is to continue. However, despite the Parliament’s and the Government’s efforts aimed at the adoption and implementation of required regulations, it is hard to speak about a significant increase in Ukraine’s position in this ranking due to COVID-19 pandemic and the expected economic crisis.