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

Author

Listed:
  • Lidya MAXOUD

    (Peter the Great St.Petersburg Polytechnic University, St.Petersburg, Russia)

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.

Suggested Citation

  • Lidya MAXOUD, 2023. "The Role of Small and Medium-Sized Businesses in the Economy," Russian Foreign Economic Journal, Russian Foreign Trade Academy Ministry of economic development of the Russian Federation, issue 5, pages 119-128, May.
    • Handle: RePEc:alq:rufejo:rfej_2023_05_119-128
    DOI: 10.24412/2072-8042-2023-5-119-128
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