Challenges and Growth Scenarios for Small Businesses in Manufacturing

Abstract

The paper dwells upon the economic growth and development of manufacturing and small businesses. The Russian economy today requires a growth in manufacturing and a booster to the domestic market, which could be provided by small producers. However, manufacturing-oriented SMEs will not grow without considerable federal and regional support. The country's economy today is exposed to numerous negative effects, which needs to be stopped. It is only developing the manufacturing that could boost the gross domestic product (GDP) and help solve numerous socioeconomic problems such as high prices and unemployment, budget deficits low and living standards. This paper proposes a few efforts to boost manufacturing, specifically SMEs. An enhanced program for public support of small and medium-sized manufacturers must be a priority for federal, territorial, and local governments in order to accumulate a significant economic effect in the development of manufacturing in the short term.