Small and Medium Business in Belarus: Factors of Success and Barriers
Belarusian SMEs continue to develop their business regardless the complicated regulatory and tax burden. To a great extent, their development is determined by favorable external environment inducing investment and consumption growth. A substantial fraction of increasing consumer demand is satisfied by private sector companies. However, the regulatory framework is a considerable factor impending the development of private business and diverting FDI inflow. Nevertheless, SMEs have accustomed themselves to this environment. But this adjustment have led to higher costs, losses of time, resort to activities in the ‘shadows’ or abroad.