Chart 11 Distributions of cumulative 3-year GDP growth under typical conditions and with elevated debt and a wide current account deficit Distribution with typical conditions  Probability density 0.12  Distribution with elevated debt and wide current account deficit 0.10  0.08  0.06  0.04 -0.3% 0.02  0.00 -8  -6  -4  -2  0 2 4 6 8 10 12 Cumulative GDP growth over 3 years (%)  14  Notes: Chart shows the predicted distribution of the cumulative GDP growth rate over 3 years. The blue line is the predicted distribution when the change in household credit-to-GDP, the change in corporate credit-to-GDP and the current account deficit are at their historical average in the UK. The red line shows how this distribution shifts when household and corporate credit have increased by 10pp relative to GDP, and the current account deficit has widened by 2pp. Our work finds that if the economic earthquake comes after a 10% increase in household debt relative to incomes, the cumulative loss of output over the 3 years after the quake is 1.5%. If it comes after a 10% increase in corporate debt, the cumulative loss of output is 1%. And for every 1% of current account deficit before the quake, a further 0.5% of output is lost after the quake (Chart 12).
In the European Union, a small-size enterprise has about 50 workers, and the volume of its activity is around 10 million euros. Medium-size enterprises are defined as those which employ about 250 workers and their annual commercial activity is around 50 million euros. In Saudi Arabia, the Saudi Industrial Development Fund adopts the annual sales standard to identify small and medium size enterprises for the purpose of funding by “Kafalah” program. They are defined as enterprises with annual sales not exceeding Rls 30 million. The World Bank has conducted a questionnaire and distributed it to commercial banks to establish a definition for small and medium size enterprises. The result has shown differences between banks in their definitions, but it can be concluded from that survey that small-size enterprises are those whose annual sales range from Rls 100 thousand to Rls 5 million, and employ 2 to 49 workers. The medium-size enterprises are those with a turnover of Rls 5 million to Rls 50 million per annum, and employ from 50 to 200 workers. Ladies and gentlemen, SMEs have various advantages, such as their easy establishment due to low capital required for their establishment and operation, their easy establishment procedures, and low establishment and administrative expenditures due to their simple organizational structures. They are also characterized by management independence by their owners, who seek to achieve the best possible success.