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Small and medium business amid coronacrisis

Vera Barinova, Stepan Zemtsov () and Yulia Tsareva
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Yulia Tsareva: Gaidar Institute for Economic Policy

Published Papers from Gaidar Institute for Economic Policy

Abstract: The unprecedented scale of the COVID-19 epidemic created harsh environment for operation of small and medium-sized businesses: decline in household incomes and demand, shutdown of foreign markets and uncertainty of the economic situation. The lockdown introduced in April 2020, resulted in temporary suspension of activities of many enterprises providing services: thus, for instance, trade, catering, hotels, repair shops, hairdressers, etc. Activity of small businesses reduced to the values observed during the crisis of 2015. According to our estimates, the crisis affected more than 75% of SMEs, although about 11% of enterprises and 5.5 million employees2 are concentrated in the most affected industries. In March-April 2020, revenues in some industries fell by more than 90%. There was a high likelihood of closing millions of businesses and reducing the number of people employed in the SME sector by several million

Keywords: Russian economy; small businesses; medium-sized enterprises; OVID-19; lockdown (search for similar items in EconPapers)
JEL-codes: C53 E37 I18 I19 L21 L52 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2021, Revised 2021
New Economics Papers: this item is included in nep-cis, nep-isf, nep-mac, nep-sbm and nep-tra
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Handle: RePEc:gai:ppaper:ppaper-2021-1130