SME sector has a significant impact on the countries’ economic development and provides tangible social economic results leading to regional development. Acknowledging the crucial role of SME sector in countries’ development, the paper aims at identifying the main trends and issues of the sector strategy development and making corresponding suggestions for its further development. Specifically, different theories and models have been outlined in the paper regarding the development of small and medium enterprises sector, the determinants of efficiency in SMEs, conceptual framework of factors affecting SMEs development, etc. The data have been gathered and analyzed taking into consideration the peculiarities and trends of small and medium enterprises development in the Republic of Armenia, the obstacles and, meanwhile, prospects and main directions of the sector development. Corresponding recommendations have been made based on the conclusions, results and findings of the study which is directed to contribute to the future development of small and medium enterprises in the Republic of Armenia.
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Mkhitaryan et al. (2022) studied this question.
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