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The Future of Small Business in the Russian Economy

13 Feb 2022   author: RajPu

Today, quite a lot of attention is paid to the development of small business in the country. But, as statistics show, the situation is not improving much.

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One of the remaining problems is the access to credit, despite various existing programs. It is difficult for small businesses to get a cash loan, since lenders are quite cautious about cooperating with small companies that are just starting their journey and do not yet have accumulated assets. They are much more interested in working with big companies. The significant tax and administrative burden on the shoulders of small businesseses is a challenging issue. For companies that are taking their first steps in a business area, such a burden often becomes overwhelming. Small business problems require a quick solution. SME is the lifeblood of any economy. It is thanks to small business that new jobs are being created, technologies are being introduced, and incomes are growing in the national economy. Solving the problems of small and medium enterprises, according to experts, will help move the entire Russian economy forward, which has been stagnating in recent years.

Agriculture is one of the most interesting segments for small business development. The Russian food embargo is still in effect, which means the country needs food products.

In addition to agriculture, entrepreneurs may take a look at the retail trade. Experts suggest that the measures announced by the Government to increase the real incomes of citizens will soon begin to bear fruit. This will make population spend more money on buying food, clothing, etc. The Russian economy today has good opportunities to show solid growth rates. The country has a deficit-free budget with high level of reserves, low inflation, a modest debt-to-GDP ratio, and loans available at an affordable interest rate. All these are good prerequisites for a rapid growth. The authorities just need to push the economy with the right actions. In this regard, the announced measures of the government may well be successful.

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