Boris Titov: We have new chances to create small and medium-sized enterprises

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Boris Titov, the RF Presidential Commissioner for the Rights of Businessmen, proposed a radical restructuring of the Russian economy in favor of the development of small and medium-sized businesses. He stated this at the First International Online Forum "The World After the Coronavirus: View from the Heart of Eurasia", which takes place in Ufa on April 28.

According to Boris Titov, the crisis in Russia will be more difficult.

"There is a problem that the economic model of the resource-based economy, which has been operating since the beginning of the 2000s, will lead to great losses in revenues with the continuing fall in oil prices. And this cannot but affect the living standards of the population".

It is too early to talk about modernist scenarios in the economy, the speaker said.

"People still need to eat and drink, the economy of simple things – so we have new chances to provide ourselves with small and medium-sized enterprises, which are quickly created and begin to work effectively. At the same time, we should forget that small business is a source of money for the budget, it is, first of all, a provider of social jobs," Titov said.

He also noted that there was a potential for the economic growth of 10% per year in Russia.

#russian economy #small business

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