Open AccessSMALL BUSINESS OF UKRAINE IN THE CONDITIONS OF ECONOMIC GLOBALIZATION
Author(s) -
Maxim Shvets
Publication year - 2020
Publication title -
molodij včenij
Language(s) - English
Resource type - Journals
eISSN - 2313-2167
pISSN - 2304-5809
DOI - 10.32839/2304-5809/2020-11-87-46
Subject(s) - small business , business , globalization , context (archaeology) , position (finance) , economic system , flexibility (engineering) , industrial organization , market economy , economics , finance , paleontology , biology , management
The article is devoted to defining the peculiarities of the functioning of small business in Ukraine in the context of economic globalization. In particular, the main current economic globalization challenges for domestic small business and their impact on the development of its competitiveness are identified. Today, small business in Ukraine is an important element of the national economy. The functioning of small enterprises in modern economic conditions requires flexibility, mobilization of financial and production resources, the use of scientific and technological progress. Therefore, one of the main vectors of economic reform in Ukraine should be multilateral support for small business development. The development of small business is an important factor in building a socially oriented economy, improving living standards, promotes the process of integration of the domestic economy into the world economy. The article also identifies the factors that contribute to strengthening the position of small businesses in the economy. The directions of small business development in Ukraine are offered and the importance of small innovative business development is established. The following measures are proposed to support the development of small business: development of programs for preferential lending to small businesses with the involvement of state-owned banks and their state guarantee (the first steps have already begun to be taken in this direction); development and implementation of a mechanism to stimulate banking institutions to preferential lending to small enterprises operating in priority areas identified by the state; improving the process of small business taxation and simplifying the system of tax administration; creation of a bank that would specialize in microfinance of small business with a partial contribution from the state and international financial organizations; increasing the financial base of existing state funds to support small business; reducing the cost of administrative procedures and obtaining administrative services; creation of specialized state institutions for insurance of export-import operations.