Sustainable Development Of Small Business In Modern Economic Conditions

Abstract

Research purpose. The study considers factors, features and problems of sustainable development of small business in the context of the digitalization of the economy. The authors identified key problems in the implementation of entrepreneurial activity in countries with developing economies. The study considers measures to ensure the sustainable economic development of small businesses. Design / Methodology / Approach. The methodological basis of the article are general scientific research methods such as the method of statistical analysis, quantitative and qualitative analysis, interpretation of results, the method of orientation on the final result, the method of expert estimations and forecasting. Findings. The results of the study indicate the presence of institutional conditions and factors restraining the sustainable development of small businesses in Latvia and Lithuania, which necessitates the improvement of regional economic policies in the field of development and protection of small business interests, as well as the development of human capital. Originality / Value / Practical implications. The economic policy of sustainable development of small businesses in the Baltic States should include the following support measures: focusing tax policy on attracting foreign investors, preferential tax treatment for promising start-ups, increasing long-term lending to small businesses. Non-financial public policy should be focused on protecting the rights and legitimate interests of small businesses, the development of technology parks and technopolises, the allocation of special zones at the regional level and areas of priority development, the creation of value-added industrial sectors and the development of exports in this industry.