THE ROLE OF SMALL BUSINESS IN SOCIO-ECONOMIC REFORMS AS A FACTOR IN INCREASING THE WELFARE OF CITIZENS

Abstract

This article highlights the essential challenges and obstacles the country encounters in enhancing the living standards of its citizens. The article examines high levels of poverty, the necessity to reform social and economic sectors, plus deficiencies in education and healthcare systems. It analyzes poverty data, provides illustrations from certain regions, and derives conclusions regarding the regional specifics of poverty. The author concentrates on actions that might be undertaken to address these issues, including investments in education and healthcare, backing small and medium-sized enterprises, enhancing financial literacy, and engaging citizens in the creation and execution of social programs. The importance of an incorporated approach and sustainable development is stressed, alongside considerations for enhancements, like developing inclusive business models and stimulating structural reforms.