Features of small business development in the context of the concept of inclusive growth of the economy

Abstract

In recent years, in response to global challenges and needs, economic research has shifted towards the study of inclusive economics. This approach seeks to ensure a level playing field for all market participants. It involves the active participation of small and medium-sized enterprises in inclusive growth, supporting creating a favorable business environment. Developing small and medium-sized businesses is considered the primary tool for implementing inclusive principles and encouraging economic activity and innovation in all population segments. Thus, the research aims to solve a complex of problems related to strengthening the economic and social security of the country through the activation of inclusive economic processes. The article aims to study modern processes of small business development in the context of the concept of inclusive growth of the economy and to determine directions and approaches to inclusive growth. It has been established that expanding the opportunities of small and medium-sized enterprises becomes the main element for achieving sustainable economic growth. The need to develop effective mechanisms for supporting and stimulating small and medium-sized businesses to create an inclusive economy, which will contribute to reducing social inequality, increasing employment, and improving the population's standard of living, is substantiated. Special attention is paid in the study to the analysis of barriers that prevent the development of small and medium-sized entrepreneurship. Recommendations are offered to form a favorable investment and innovation climate for expanding the opportunities of small and medium-sized enterprises. Measures have been identified that will contribute to the harmonious combination of economic progress, social justice, and effective use of natural resources, which allows small and medium-sized enterprises to ensure balanced growth, taking into account the needs of all segments of the population and ensuring the interests of various social groups within the innovative growth of the economy. Keywords: economic inequality, economic growth, inclusive economy, concept of inclusive development, small and medium enterprises.