Russian companies overtook the world in sales growth

Almost a third of Russian small and medium-sized enterprises (SMEs), 32 percent, in July noted an increase in sales compared to the same period last year, the press service of Facebook in Russia told Lente.ru.

In this regard, the country’s business is outperforming the world as a whole, with a global average of 28 percent, according to a report on the state of small and medium-sized businesses, which Facebook prepared in conjunction with the Organization for Economic Cooperation and Development (OECD) and the World Bank. Between July and August, researchers surveyed companies in more than 30 countries. Other regions, for example, the states of Latin America and Europe, achieved results comparable to those of Russia, with North America taking the lead (40 percent of SMEs reported sales growth). At the same time, the global average indicators as a whole demonstrate an upward trend: in May 2020, only 15 percent of companies reported improvement in results, in February this year – just over 20.

In addition to being more successful in terms of sales growth, Russian SMEs were also more optimistic than the global SMEs on average. 55 percent of entrepreneurs are confident that they will continue to work for at least a year – this figure is seven percent higher than the global average. At the same time, Russian enterprises headed by men were 20 percent more likely to give favorable ratings in this regard than companies headed by women, although there is no difference in the percentage of enterprises that have already closed in terms of the gender of the head.

In July, the World Bank prepared a review “Facing the Storm: The Impact of COVID-19 on the Russian Private Sector in 10 Charts,” in which it concluded that Russian companies were able to respond more flexibly to the crisis caused by the pandemic than businesses in European countries. – Greece and Italy. While adapting to the new conditions, Russia bypassed these states in the transition to remote employment. In June 2020, a fifth of the country’s employees worked remotely, while in Italy and Greece the figure reached seven and two percent, respectively.

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