HOW ECONOMIC TURBULENCE AFFECTS ENTREPRENEURSHIP: A DESCRIPTIVE ANALYSIS DURING COVID-19 AND RUSSIAN-UKRAINIAN WAR

SULEJMAN, Rejhan (2025) HOW ECONOMIC TURBULENCE AFFECTS ENTREPRENEURSHIP: A DESCRIPTIVE ANALYSIS DURING COVID-19 AND RUSSIAN-UKRAINIAN WAR. International Scientific Journal in Economics, Finance, Business, Marketing, Management and Tourism, 12 (23-24). pp. 115-120. ISSN 2545-4544

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Abstract

Today SMEs are the driving force in business entities. In North Macedonia 99% of companies are SMEs and they play an important role in the labor market and the economic development. However, they are usually most vulnerable to external environmental factors. Since 2020, SMEs have faced many economic turbulences that were caused mainly by the pandemic and then by the Russian-Ukrainian war. The different measures given by the World Health Organization made a rapid decline on the aggregate demand, risking the liquidity of SMEs. With the hope that the recovery period was near, SMEs had to face another economic turbulence and that was the consequences of the Russian-Ukrainian war, and the confrontation of the West and Russia, with the trade restrictions which increased inflation and magnified the existing issues in the economy. The objective of this paper is to better understand how the pandemic and the Ukrainian war have influenced the SMEs in North Macedonia. The paper will use a descriptive analysis of secondary data for the period 2018-2023 from Agency for Promotion of Entrepreneurship in North Macedonia, National Bank of Republic of North Macedonia and State Statistical Office. Through this analysis we identify how the development of SMEs has been through the years, and which companies were mostly affected by the turbulences.

Item Type: Article
Uncontrolled Keywords: SME; North Macedonia; Covid-19, Ukrainian war, economic turbulence
Subjects: Q Science > Q Science (General)
Divisions: Faculty of Law, Arts and Social Sciences > School of Management
Depositing User: Unnamed user with email zshi@unite.edu.mk
Date Deposited: 21 Nov 2025 09:57
Last Modified: 21 Nov 2025 09:57
URI: http://eprints.unite.edu.mk/id/eprint/2145

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