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Small and medium business amid coronacrisis

Author

Listed:
  • Barinova Vera

    (Gaidar Institute for Economic Policy)

  • Zemtsov Tsepan

    (Gaidar Institute for Economic Policy)

  • Tsareva Yulia

    (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

Suggested Citation

  • Barinova Vera & Zemtsov Tsepan & Tsareva Yulia, 2021. "Small and medium business amid coronacrisis," Published Papers ppaper-2021-1130, Gaidar Institute for Economic Policy, revised 2021.
    • Handle: RePEc:gai:ppaper:ppaper-2021-1130
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    File URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2021-1130.pdf
    File Function: Revised Version, 2021
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    More about this item

    Keywords

    Russian economy; small businesses; medium-sized enterprises; OVID-19; lockdown;
    All these keywords.

    JEL classification:

    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • I19 - Health, Education, and Welfare - - Health - - - Other

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