Ukrainian small and medium-sized businesses fired a third of their employees because of the war

The total losses of Ukrainian small and medium-sized businesses caused by Russia’s invasion reached $85 billion as of the end of March 2022. To balance the losses, small and medium-sized businesses fired a third of their employees, and another third were forced to go on vacation, according to the survey by the Advanter Group.

The owners of micro-businesses with up to 10 employees reduced their staff by almost half (42%), small businesses — by 24%, and medium-sized ones — by 18%. Wage cuts have also become a mass phenomenon affecting 42% of people who have kept their jobs.

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