New Monthly Enterprises Survey №47, March 2026

In March 2026, the overall economic outlook remains mixed: there is some increase in medium-term uncertainty and a deterioration in long-term expectations, while short-term indicators show improvement.

• Uncertainty over the two-year horizon remained largely unchanged after increasing in February. At the same time, businesses’ long-term expectations continue to gradually deteriorate.
• Medium-term uncertainty interrupted its two-month downward trend and increased both for the overall economic environment and for the business activity at enterprises. Meanwhile, expectations for the six-month horizon remained broadly unchanged.
• Year-on-year recovery rates have remained unchanged for the third consecutive month. Business performance indicators (month compared to the previous month) increased slightly, while short-term expectations have continued to improve for the third month in a row.
• Businesses expect inflation to accelerate over the next three to four months.
• The main obstacles to business development remain labor shortages, “unsafe working conditions,” and rising prices. Power supply disruptions remain in fourth place, with their significance declining substantially.
•  The key barriers to investment in 2025 remain economic uncertainty, risks to company personnel/property, and expensive borrowed capital.