Since the beginning of the 2020s, the world has entered a period of turbulence, marked by uncertainty. The pandemic and macroeconomic instability were logical but unforeseen consequences of irresponsible fiscal and monetary policies in previous years. The technological revolution in AI is advancing at a previously unheard-of pace. The world order that dominated the last 80 years has collapsed, and there is an unprecedented generational gap and other demographic challenges. China’s transition toward using market power to coerce its trade partners, along with several other factors, contributed to a series of escalating global shocks. These included the largest war in Europe since World War II and the longest war in the Middle East in history. In turn, these conflicts accelerated further rapid changes, such as a revolution in military technology led by Ukrainian soldiers and engineers. This revolution fundamentally altered strategy and tactics in the Russo‑Ukrainian war.
All these challenges have fundamentally reshaped the global security environment for businesses. In this turbulent period, whose outcome and even its eventual end remain uncertain, adaptability, flexibility, speed of response, and readiness for multiple scenarios are becoming as important as, if not more important than, traditional competitive advantages such as cost efficiency and carefully developed long‑term plans.
However, these are precisely the qualities that have been forged in the strongest representatives of Ukrainian business. They were forced to survive and grow under harsh conditions, including an unfavorable business climate, weak and often ill‑intentioned state institutions, repeated destructive crises, and intense competition in foreign markets. They are also deeply rooted in Ukrainian culture: survival skills developed in conditions of constant danger and uncertainty, shaped by the nation’s
difficult history. Together with large-scale assistance from partners, this allowed Ukraine to survive the full-scale invasion and four years of a war of attrition against a far stronger enemy, yet without suffering economic catastrophe and while keeping the economy largely functional.
The purpose of this report is to systematically outline the key global and local economic trends shaping the environment in which Ukrainian enterprises operate, and to assess their impact on the country’s overall economic resilience. The report is intended to help businesses, government institutions, and partners of Ukraine better understand the dynamics of risks and opportunities that will determine economic decisions in the coming years.
This report was prepared by the Union of Ukrainian Entrepreneurs (SUP) in partnership with CASE Ukraine with support from the Center for International Private Enterprise (CIPE). The views expressed in this report represent the opinions and analysis of the authors and do not necessarily reflect those of CIPE or its staff. This report was prepared in November–December 2025 based on data and other information available at the time of writing.