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An outlook on the competitive framework of Romanian SMEs challenged by the economic crisis

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  • PURCAREA, Irina

Abstract

SMEs account for over 99% of all European business, proving to be engines of economic growth and employment. Due to the European integration, the competition has increased both on the international and national markets and the quality of the products and services offered to customers are considered to be major factors of competitiveness for SMEs. The SMEs sector in Romania proved to be the most dynamic sector but it was also one of the first sectors to be affected by the global financial crisis, in spite of the defining features of SMEs such as dynamism, flexibility, innovative spirit, client orientation or capacity to adapt that were not enough to resist the powerful impact of the crisis. The main challenges most SMEs in Romania have to cope with as a result of the economic-financial crisis are sudden rises in the prices of raw materials, energy and food, liquidity and credit related problems, a marked decline in the demand for products and services, considerable variations in the exchange rate, and inflation. The article approaches the competitive framework of SMEs in Romania amid the economic-financial crisis, by looking first of all at the current situation of the SMEs sector since Romania joined the European Union, followed by an analysis on the way in which SMEs in Romania have been affected by the crisis

Suggested Citation

  • PURCAREA, Irina, 2011. "An outlook on the competitive framework of Romanian SMEs challenged by the economic crisis," Romanian Distribution Committee Magazine, Romanian Distribution Committee, vol. 2(1), pages 40-46, June.
  • Handle: RePEc:rdc:journl:v:2:y:2011:i:1:p:40-46
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    File URL: http://crd-aida.ro/RePEc/rdc/v2i1/8.pdf
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    References listed on IDEAS

    as
    1. Roxana Gabriela HODOROGEL, 2011. "The Global Economic Crisis. Challenges for SMEs in Romania," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(4(557)), pages 129-140, April.
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    More about this item

    Keywords

    SMEs; competitive framework; economic crisis;

    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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