In developed countries plus China and India, small and medium-sized enterprises (SMEs) generate about a half of the GDP and jobs. In other developing countries, their share in the economy averages 33%. In Russia, SMEs make up 20% of the GDP, employing just a quarter of the population. While China has more than half of its exports coming through SMEs, in Russia this figure does not exceed 7%. The Russian authorities are taking steps towards giving SMEs a more pronounced role, viewing it as a way to improve the structure of the economy, spur innovation, and promote higher employment.
Small and medium-sized businesses drive many economies worldwide.
According to the Organisation for Economic Co-operation and Development (OECD), SMEs provide jobs to between 60% and 70% of the employed population in developed countries and to 80% in China.
The SME contribution to the economy is around 50% in the US, 47% in the UK, 57% in Germany, 60% in China, and 45% in India.
In China, small and medium-sized businesses account for 65% of patents, 75% of innovations in technology, and more than 80% of new products.
According to the World Bank’s estimates, over the next 15 years, SMEs will be creating four out of five new jobs in developing countries.
A considerable share of products made by SMEs is exported.
The OECD estimates that share at 25% to 35% for developed countries, adding that for certain economies the number can be even higher: around 40% in South Korea, more than 40% in the US and Germany, and over 50% in China.
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