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18 Technium Soc. Sci. J. 215 (2021)
Small and Medium Enterprises: Importance for the Kosovo Economy

handle is hein.journals/techssj18 and id is 215 raw text is: Technium Social Sciences Journal Vol. 18, 215-221, April, 2021 ISSN: 2668-7798 SOCIAL SCIENCES JOURNAL www.techniumscience.com Small and Medium Enterprises: Importance for the Kosovo Economy Afrim Loku', Nadire Loku2, Naim Baftiu' 'University of Applied Sciences in Ferizaj, St. Universiteti 70000, Ferizaj, Kosovo, 2University for Business and Technology (UBT College),St. Rexhep Krasniqi 10000,Prishtina, Kosovo, 'University Ukshin Hoti Prizren/Kosovo afrim.loku@ushaf net', nadireloku@hotmail.com2, naim.baftiu@uni-prizren.com3 Abstract. This study aims to broaden the understanding of the importance of SMEs (Small and Medium Enterprises) for the economy of Kosovo, especially in terms of economic development, labor market and innovation. The study was conducted through analysis of documentary sources such as relevant reports of national and international institutions as well as relevant scientific papers. The scientific contribution of this study is theoretical and aims to help researchers of the field for an expanded understanding of SMEs over national economies. This study provides a concise framework of important elements on the economic impact of SMEs on Kosovo's economy. Examination of available data has shown that the SME sector plays a crucial role for the Kosovo economy. The key role of SMEs was emphasized in terms of overall value generated and the labor market while innovation remains a challenge to be addressed by stakeholders. Keywords. SMEs, economic development, labor market, innovation I. Jntroduction Small and medium-sized entities are the most vital and important sector in a country's economy. They are the backbone of an economy and a key factor for growth and employment. SMEs provide and generate employment opportunities, especially in times of recession; they are a major source of modernization, innovation and entrepreneurial spirit; they create links between individuals' innovative efforts and competitiveness and play a very important role in the future development of businesses. In short, dynamic and healthy market economies are totally reliant on small and medium-sized entities. The economy which is depended on remittances, public investment and consumption activities also remains a general challenge for the economy of Kosovo. This structure of economy it's followed by challenges of the private sector which also have hindered the contribution of the business community to economic growth. The main problem that prompted this study is the scarcity and clarity of the impact of SMEs on the economy of Kosovo, which makes it difficult to further expand studies on the importance of SMEs. This study addresses three key issues. Firstly, it is the aim of this paper to give a brief exposition of some arguments in favour of and against the economic importance of the small business sector to the Kosovo economy. Secondly, it examines the overall role of SMEs in Kosovo's economy. Thirdly, it deals with the role of the SME sector in employment, 215

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