The coronavirus pandemic has had an unprecedented impact on the global economy, and has significantly increased the uncertainty inherent in the external environment. The factor of possible lockdown is added to the parameters of uncertainty of macroeconomic indicators of domestic and foreign markets. If companies could predict inflation dynamics or consumer sentiment in some way, it is nonetheless difficult to predict another outbreak of the pandemic. The negative effects of the pandemic have had a highly significant impact on the economic situation of businesses, which makes this factor especially important for the development of economic strategies. The aim of the study is to determine the impact of changes in macroeconomic variables due to crises on the development of a company’s economic strategy. The study was conducted through linear regression models, which were tested by means of the least squares method. The COVID-19 pandemic effect was introduced into the models through the use of a dummy variable. The results of the study showed that companies expect a decrease in sales, a reduction in the wages of employees and indeed the number of employees themselves. The expectations of businesses regarding the volume of foreign investment and their own investment costs have worsened. Businesses are changing their economic strategies from development strategies to survival strategies accompanied by cost reductions. At the same time, macroeconomic indicators, including the inflation index and the exchange rate, are expected to deteriorate. The results obtained can be used to assess the impact of COVID-19 on business strategies and the economic expectations of businesses. The study opens new areas for further research, in particular the sectoral impact of the pandemic on the development of companies’ economic strategies. The methodological limitation is that the industry specifics of companies were not taken into account. In addition, the pandemic impact data available for analysis are currently limited to the four quarters of 2020. The limitation pertaining to implementation is that the impact of the pandemic on the company’s strategy may differ depending on the field of the company’s activity.
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Aburumman, A.A. (2020), COVID-19 impact and survival strategy in business tourism market: The example of the UAE MICE in-dustry, Humanities and Social Sciences Communications, 7(141). https://doi.org/10.1057/s41599-020-00630-8
Basnayake, H., Mack, C., Tong, I. (2020), COVID-19 business continuity plan: Five ways to reshape, retrieved from: https://www.ey.com/en_gl/strategy-transactions/companies-can-reshape-results-and-plan-for-covid-19-recovery (accessed 3 April 2021).
Donthu, N., Gustafsson, A. (2020), Effects of COVID-19 on business and research, Journal of Business Research, 117, 284-289. DOI: 10.1016/j.jbusres.2020.06.008.
Economic Commission for Latin America and the Caribbean (2020a), Latin America and the Caribbean and the COVID-19 pandemic: Economic and social effects, retrieved from: https://www.cepal.org/sites/default/files/pre-sentations/latin_america_and_the_caribbe-an_and_the_covid-19_pandemic_econom-ic_and_social_effects_andthe_impact_on_womens_lives_0.pdf (accessed 3 April 2021).
Economic Commission for Latin America and the Caribbean (2020b), Measuring the impact of COVID-19 with a view to reactivation, re-trieved from: https://repositorio.cepal.org/bitstream/handle/11362/45477/6/S2000285_en.pdf (accessed 3 April 2021).
European Alliance (2020), COVID-19 Economic recovery: A recovery strategy building on digital, retrieved from: https://www.digi-talsme.eu/digital/uploads/DIGITAL-SME-Recommendations-on-COVID-19-Recovery.pdf (accessed 3 April 2021).
Florek-Paszkowska, A., Ujwary-Gil, A., Godlewska-Dzioboń, B. (2021), Business innovation and critical success factors in the era of digital transformation and turbulent times, Journal of Entrepreneurship, Management, and Innovation, 17(4), 7-28. https://doi.org/10.7341/20211741
Gancarczyk, M., Ujwary-Gil, A. (2021), Entre pre-neurial cognition or judgment: The manage-ment and economics approaches to the entre-preneur’s choices, Journal of Entrepreneurship, Management and Innovation, 17(1), 7-23. https://doi.org/10.7341/20211710
Harrell, E. (2020), Looking to the future of air trav-el, Harvard Business Review, retrieved from: https://hbr.org/2020/05/looking-to-the-future-of-air-travel (accessed 3 April 2021).
Humphries, J.E., Neilson, C., Ulyssea, G. (2020), The evolving impacts of Covid-19 on small businesses since the cares act, Cowles Foundation Discussion Paper, 2230, retrieved from:https://cowles.yale.edu/sites/default/files/files/pub/d22/d2230.pdf (accessed 3 April 2021).
Jenny, F. (2020), Competition law enforcement and the COVID-19 crisis: Business as (Un)usual? SSRN Papers, 1-34. http://dx.doi.org/10.2139/ssrn.3606214
Magnani, G., Zucchella, A. (2018), Uncertainty in entrepreneurship and management studies: A systematic literature review, International Journal of Business and Management, 13(3), 98-133. DOI: 10.5539/ijbm.v13n3p98
Mirza, S.S., Ahsan, T. (2019), Corporates’ strategic responses to economic policy uncertainty in China, Business Strategy and the Environment, 29, 375-389. DOI: 10.1002/bse.2370
National Bank of Ukraine (2021a), Monthly sur-veys of Ukrainian enterprises, retrieved from: https://bank.gov.ua/ua/statistic/nbusurvey (ac-cessed 3 April 2021).
National Bank of Ukraine (2021b), Business expec-tations of Ukrainian enterprises, retrieved from: https://bank.gov.ua/ua/statistic/nbusurvey (ac-cessed 3 April 2021).
Office of the Minister for Economic Development (2020), A refreshed industry strategy in re-sponse to COVID-19, retrieved from: https://www.mbie.govt.nz/dmsdocument/11570-a-re-freshed-industry-strategy-in-response-to-covid-19-proactiverelease-pdf (accessed 3 April 2021).
Oliver, J.J., Parrett, E. (2018), Managing future un-certainty: Re-evaluating the role of scenario planning, Business Horizons, 61(2), 339-352. https://doi.org/10.1016/j.bushor.2017.11.013
Paysafe (2020), How COVID-19 is impacting consumer payment preferences, retrieved from: https://www.paysafe.com/blog/how-covid-19-is-impacting-consumer-payment-preferences/ (accessed 3 April 2021).
PricewaterhouseCoopers Limited (2020), Succeeding in Uncertainty: Responding to COVID-19, retrieved from: https://www.pwc.co.nz/publications/2020/succeeding-in-uncer-tainty-responding-to-covid-19-nz-version.pdf (accessed 3 April 2021).
Schoenwaelder, T., Jameson, N., Thakkar, S., Lucchese, J., Silva, B. (2020), How is COVID-19 reshaping the role of corporate strategy?, Monitor Deloitte, retrieved from: https://www2.deloitte.com/content/dam/Deloitte/us/Documents/process-and-operations/us-strat-egy-function-in-a-post-covid-world.pdf (ac-cessed 3 April 2021).
Sharma, P. (2020), Impact of Covid-19 on Marketing Strategy and Expenditure, International Journal of Advanced Research, 8(9), 1475-1478. http://dx.doi.org/10.21474/IJAR01/11814
Sharma, P., Leung, T.Y., Kingshott, R.P.J., Davcik, N.S., Cardinali, S. (2020), Managing uncer-tainty during a global pandemic: An inter-national business perspective, Journal of Business Research, 116, 188–192. https://doi.org/10.1016/j.jbusres.2020.05.026
Silva, A.A., Ferreira, F.C.M. (2017), Uncertainty, flexibility and operational performance of com-panies: Modelling from the perspective of man-agers, Revista de Administração Mackenzie, 18(4), 11-38. https://doi.org/10.1590/1678-69712017/administracao.v18n4p11-38
The Institute of Chartered Accountants in England and Wales, (2021), Assessing the impact of COVID-19 on business strategy, retrieved from: https://www.icaew.com/insights/view-points-on-the-news/2021/feb-2021/assessing-the-impact-of-covid-19-on-business-strategy (accessed 3 April 2021).
Wade, M., Bjerkan, H. (2020), Three proactive response strategies to COVID-19 business challenges. MIT Sloan Management Review, retrieved from: https://sloanreview.mit.edu/article/three-proactive-response-strate-gies-to-covid-19-business-challenges/ (access-ed 3 April 2021).
World Bank Group (2020), COVID-19 outbreak: Implications on corporate and individual insolvency, retrieved from: http://pubdocs.worldbank.org/en/912121588018942884/COVID-19-Outbreak-Implications-on- Corporate-and-Individual-Insolvency.pdf (ac-cessed 3 April 2021).
Wright, T. (2020), Create a strategy to mitigate the impact of COVID-19 on your business, re-trieved from: https://www.cascade.app/blog/mitigate-business-impact-of-covid-19 (access-ed 3 April 2021).