SMEs’ access to finance. A commercial banking perspective
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9 Februarie 2011 |
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IONUT DUMITRU - Chief Economist / Treasury and Capital Markets
RAIFFEISEN BANK S.A. |
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Website
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IONUT DUMITRU
Chief Economist / Treasury and Capital Markets
RAIFFEISEN BANK S.A.
SMEs: Economic importance and structural issues
SMEs are of systemic importance for Romanian economy
SMEs have been more severely impacted by the economic downturn
* CAGR - compounded nominal annual growth rate,
** Risk - composite index estimated from debt/total assets and interest coverage ratio
Source: Commercial Register, Raiffeisen RESEARCH estimations
Development of SMEs over the booming years has resulted in an unsustainable economic structure
- In the past decade Romanian economy underwent a de-industrialisation process at the same time with rapidly growing services, that incorporated a low degree of knowledge (e.g. trade), stimulated by a consumption oriented economic environment
- Redesigning the economic growth model implies focus from a price based to shift economic competitiveness (i.e. low wages) to a non-price based economic competitiveness (i.e. inovation, creativity), which is supported by the development of economic sectors that incoporate a higher degree of technology and knowledge
KIS – Knowledge intensive services
LKIS – less knowledge intensive service
Source: Commercial Register, Raiffeisen RESEARCH estimations
The structure of the value added by technology level and knowledge (%)
