Top banker points to ‘shameful’ imbalance in Russia’s GDP
The country’s small- and medium-sized businesses make up just one-fifth of the economy
The head of Sber, Russia’s largest state-owned lender, has called the small proportion of small- and medium-sized enterprises (SMEs) in the Russian economy “shameful.”
Small businesses account for just one-fifth of the country’s gross domestic product (GDP) and “it’s a shame,” Herman Gref said at a meeting of Opora Rossii, a non-governmental organization that represents the interests of SMEs.
He cited the example of China, where SMEs account for between 60% and 70% of the economy, adding that in the US and Finland small businesses account for around…