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The Role of Small and Medium-Sized Businesses in the Economy

Authors

  • Lidya Maxoud Peter the Great St.Petersburg Polytechnic University

DOI:

https://doi.org/10.24412.2072-8042-2023-5-119-128

Keywords:

small business, startup financing, government support for small enterprises, problems of small and medium-sized business

Abstract

The importance of small and medium-sized enterprises is manifested in the following: small enterprises strive to produce more goods at a relatively low price and to meet the public demand by providing goods, products and services that may not be available on nearby markets. In addition, they encourage creativity and innovation, creating investment opportunities, help create jobs for many young people, and this results in reduced pressure on public jobs, which contributes to the country’s economic growth. The article examines the importance and role of small business in the global economy.

Author Biography

Lidya Maxoud, Peter the Great St.Petersburg Polytechnic University

Place of work, post: Peter the Great St.Petersburg Polytechnic University, Postgraduate student

Published

2024-01-25 — Updated on 2024-06-05

Versions

How to Cite

Maxoud, L. (2024). The Role of Small and Medium-Sized Businesses in the Economy. Russian Foreign Economic Journal, (5), 119–128. https://doi.org/10.24412.2072-8042-2023-5-119-128 (Original work published January 25, 2024)

Issue

Section

Research reviews