This report presents the findings of a comprehensive survey conducted among 628 business leaders from December 2024 through January 2025 regarding the operational state, challenges, and resilience of Ukrainian MSMEs during full-scale war.

The study is intended for a wide audience — civil servants, parliamentarians, and analysts, as well as representatives of the business, educational, and academic sectors, international partners, and donor organizations. The nationwide study was conducted using interviews and online surveys, targeting owners and top managers of enterprises from all regions of Ukraine (excluding temporarily occupied territories).

This is the third in a series of such studies, with the previous assessments being conducted in 2022 and 2023. This report provides a comparative analysis of data across these periods, tracking the dynamics of the Ukrainian Business Index (UBI) and key barriers to recovery.

The study was conducted by the Centre for Economic Recovery in collaboration with the United Nations Development Programme (UNDP) in Ukraine, as part of the "Transformational Recovery for Human Security in Ukraine" project, with financial support from the Government of Japan.