THE IMPORTANCE OF SMALL AND MEDIUM BUSINESSES IN THE GERMAN ECONOMY

Abstract

The article is devoted to the analysis of the importance of small and medium-sized enterprises in economy of Germany. Despite the well-established opinion that the key drivers in the development of the German economy are mechanical engineering, chemical and metallurgical industries, in fact, the foundation and core are small and medium-sized businesses. Using analytical materials, statistical data and publications in electronic sources the author examines the current challenges facing the "Middle class" (or “Mittelstand”), which is considered to be an important element of the success of the German economy and amalgamate small and medium-sized enterprises which mostly combine high innovation with the prospect of strengthen of the position in the international market and great social responsibility.