RT.com
27 May 2023, 04:14 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 North Korea Times 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 North Korea Times.
More InformationWASHINGTON D.C.: The White House announced this week that President Joe Biden has chosen US Air Force chief General Charles ...
GUAM: After Typhoon Mawar brought strong winds and torrential rains, large areas of the US Western Pacific territory of Guam ...
NEW YORK CITY, New York: In one of the largest known Chinese cyber-espionage campaigns against American critical infrastructure, a state-sponsored ...
SAN FRANCISCO, California: Sam Altman, CEO of ChatGPT-maker OpenAI, has said the company could consider leaving Europe if it could ...
WASHINGTON D.C.: Reuters has reported that US President Joe Biden's nominee for a federal judge position in Kansas, Jabari Wamble, ...
WASHINGTON D.C.: Jennifer Homendy, head of the US National Transportation Safety Board, has said the US will investigate recent near ...
FRANKFURT, Germany - With U.S. and UK. markets closed for public holidays, it was left to European and broader global ...
NEW YORK CITY, New York: The Verge has reported that Verizon Communications met with more than 6,000 customer service employees ...
WASHINGTON D.C.: In response to a safety warning issued by the US National Highway Traffic Safety Administration, Vietnamese electric vehicle ...
NEW YORK CITY, New York: Electric truck manufacturer Nikola Corp said that Nasdaq has delivered a delisting notice for not ...
MINNEAPOLIS, Minnesota: Reuters reported that after facing a backlash from customers, Target is pulling some products from its Pride Collection ...
LONDON, England: The BBC has reported that Jaguar Land Rover owner Tata Motors is planning to build a multi-billion pound ...