Gref called the share of small and medium-sized businesses in Russia’s GDP “shameful”

The head of Sberbank German Gref called “shameful” and “bewitched” the share of small and medium-sized businesses in Russia’s total GDP, which is 20%. He stated this at the Council of Regions of Opora Rossii, RBC reports.

“A share of 20% of GDP is a shameful share, it seems to me,” Gref said. For comparison, he cited the share of small and medium-sized businesses in the GDP of other countries, noting that, in particular, in China it fluctuates between 60% and 70%, in the USA it is about 60%, in Italy – more than 70%, in Finland – more 60%.

“No matter how difficult times are, we see that the number of small and medium-sized enterprises is at least preserved, and at most it is growing. But, unfortunately, the figure of the share of small businesses in our GDP remains enchanted,” Gref added. As follows from his presentation, in 2021 this figure was 20.3%, in 2020 – 20.8%, in 2019 – 20.7%, in 2018 – 20.4%.

He also added that in Russia only 8% of enterprises have access to credit.

In turn, the Chairman of the Bank of Russia, Elvira Nabiullina, expressed the opinion that the problems of lending to small and medium-sized businesses are due to the fact that state support measures cover a small part of the business.