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Boosting small business is crucial to a smart recovery
A woman is seen working inside her small tailoring shop made with recycled Polypropylene sacks in Kibera slums, Kenya. Photo by Donwilson Odhiambo/SOPA Images/Sipa USA via Reuters.
There is little doubt that small- and medium-sized enterprises (SMEs) play an outsized role in most economies. They are employers, producers, service providers, and innovators who power integrated supply chains, driving global economic growth and job creation. SMEs comprise some 90 percent of businesses and employ more than half the world’s workers. In emerging and developing markets, formal SMEs contribute roughly 40 percent of national income (GDP) and generate at least seven out of ten jobs; and these estimates rise substantially if you take informal business into account.
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