It is widely believed that small and medium enterprises (SMEs) are very important for economic growth. According to the World Bank, such enterprises contribute up to 45% of total employment and up to 33% of GDP in developing countries. Since the SMEs account for more than 90% of total enterprises in the world, the intense competition among them leads to an increase in their Research and Development Expenditures (R&D), thus decreasing unemployment and promoting economic growth.
Daniyar Nurbayev is a research fellow at the Eurasian Research Institute. Daniyar completed his bachelor’s degree in Finance in the Kazakh-British Technical University in 2013. In addition, he holds Masters degree in Finance from the Kazakh-British Technical University (2015). In 2014, he attended to the research summer school at University Campus Suffolk in Ipswich, United Kingdom. His research interests include political economy, economic growth in developing countries, macroeconomic and monetary policy related issues.