RT.com
26 May 2023, 23:44 GMT+10
The country's small- and medium-sized businesses make up just one-fifth of the economy
The head of Sber, Russia's largest state-owned lender, has called the small proportion of small- and medium-sized enterprises (SMEs) in the Russian economy "shameful."
Small businesses account for just one-fifth of the country's gross domestic product (GDP) and "it's a shame," Herman Gref said at a meeting of Opora Rossii, a non-governmental organization that represents the interests of SMEs.
He cited the example of China, where SMEs account for between 60% and 70% of the economy, adding that in the US and Finland small businesses account for around 60% of GDP, while this figure is over 70% in Italy.
In 2021, the contribution of SMEs to Russia's GDP was 20.3%, according to the national statistics agency Rosstat. It's expected that the output of smaller companies in the Russian economy will grow and reach 32.5% by 2024 under a series of national schemes designed to support SMEs.
Russia defines small- and medium-sized companies as businesses that employ fewer than 250 people, have annual revenues of under two billion rubles ($24.9 million), and meet certain ownership and corporate governance rules.
Experts say small businesses in Russia are more exposed to economic headwinds such as sluggish consumer demand and inflation, because they predominantly operate in the retail sector of the economy and rarely export to other countries.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Iran Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Iran Herald.
More InformationNEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...
LONDON, U.K.: A little-known investment fund based in the United Arab Emirates has emerged as the most prominent public backer of U.S....
SAN FRANCISCO, California: Across the U.S., a growing number of people are taking obesity treatment into their own hands — literally....
SAN FRANCISCO, California: Under pressure from European regulators, Apple has revamped its App Store policies in the EU, introducing...
NEW YORK CITY, New York: The U.S. dollar tumbled this week, hitting its lowest levels since 2021 against the euro, British pound, and...
JERUSALEM, Israel: Israeli Prime Minister Benjamin Netanyahu says that Israel's success in the war with Iran could open the door to...
KHAN YOUNIS, Gaza Strip: Hisham al-Lahham is one of 580 premature babies in Gaza who may die from hunger, according to Gaza's Health...
NEW YORK CITY, New York: The escalation of conflict between Israel and Iran, compounded by the United States' military involvement,...
OCHA said most of Gaza remains under displacement orders, and people are being pushed into overcrowded areas where thousands of others...
New Delhi [India], July 1 (ANI): External Affairs Minister S Jaishankar on Monday extended warm wishes to the government and people...
The anonymous source has claimed that Tehran still possess numerous new generation missiles, against which Israel is defenseless ...