Feel better, but not for everyone – Newspaper Kommersant No. 240 (7441) of 12/26/2022
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Big business is gradually recovering after the shocks of February and September, according to a study by the consulting company Yakov and Partners (created in the summer of 2022 on the basis of the former Russian division of McKinsey & Co). Almost half of the respondents have now announced an improvement in the position of companies – 49% of the heads of organizations with an annual turnover of more than 1 billion rubles. Improvements in the next six months are expected by 48% of respondents, 24% believe that the situation will worsen, the remaining 28% do not expect any changes (see chart).
The results of the study confirm that the events related to the military operation of the Russian Federation in Ukraine affect different industries unevenly. Due to the fact that the main challenges for big business over the past six months have been foreign trade bans and the prospect of expanding sanctions (63% of respondents), representatives of the extractive and manufacturing industries began to feel harder than others: 36% of them announced a worsening situation. They, more often than representatives of other spheres, give negative forecasts for the near future. Judging by the results of the study, the most optimistic assessments of the current situation are in the service sector – representatives of the banking industry, IT and telecom – as well as retail and e-commerce, which have not felt the consequences or are adapting to them faster. “Our data speaks of a recovery in some industries after the events of this spring, and also reflects certain negative expectations of the extractive industries in connection with a possible decrease in manufacturing activity in general around the world. At the same time, Russian business successfully survived the initial shock and is optimistic about the future,” says Yelena Kuznetsova, partner at Yakov & Partners and co-author of the report.
One of the main trends noted by the authors of the study is the shift in the attention of big business leaders from the topics of ecology, COVID-19, and conditions for small and medium-sized businesses that have been popular in recent years (now they are important to less than 5% of respondents) to issues related to the possibility continue to conduct or restore foreign trade relations and attract qualified personnel. Despite the economic situation in the country, among the priorities for the next six months for many leaders is the growth of output of products and services, entering new geographical markets and launching investment projects.
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