IMPACT OF THE FINANCIAL CRISIS ON SMALL AND MIDDLE ENTERPRISES IN ROMANIA. THE DIFFERENCES BETWEEN URBAN AND RURAL EVOLUTIONS

Ionut Busega ()
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Ionut Busega: Department of Economics and Economic Policy, The Bucharest University of Economic Studies, Romania

Global Economic Observer, 2014, vol. 2, issue 2, 186-194

Abstract: Economic literature recognizes the essential role of public policy firms in the economy of any country. Public policy firms are the main source of entrepreneurial skills, innovation, job creation, proving to be the most active sector of the economy and also manifesting as a driving force in Romania's remarkable economic progress. Revealing the economic and social benefits led to consideration of the SME sector as an area of strategic interest for the economy. In 2008 the financial crisis started having a large number of negative effects in Europe, causing large adjustments to the business environment in the Member States. These were materialized into decreased turnover of the businesses, loss of jobs and disorder in the general economic area and social environment. The study aims to determine what were the effects felt by businesses due to lower purchasing power in the household and whether there were mutations in the major sectors of Romanian economy. Firstly, the influence of the effects of the financial crisis on key macroeconomic indicators and how structural adjustment due to new macroeconomic context took place.

Keywords: economic crisis; economic growth; business (search for similar items in EconPapers)
JEL-codes: G01 L1 R11 (search for similar items in EconPapers)
Date: 2014-11
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Citations: View citations in EconPapers (2)

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