MSMES –CRITICAL FOR ECONOMIC GROWTH
Micro, Small, and Medium Enterprises (MSMEs) play a significant role as the engine for economic transformation and industrialization for both developed and developing countries.
Key benefits include:
• Improved income re-distribution (low level capital required)
• Increased job creation & skills development (particularly for youth, women, elderly)
• Increased adoption of technology & innovation (competitiveness)
• Industrial diversification
• Stimulates local economy (demand down the value chain)
Challenges:
• Vulnerable to economic shocks
• Stable and supportive policy environment
• Excessive regulation, complex & cumbersome tax process,
• Skills acquisition for youth population
Data source: National Bureau of Statistics
National Bureau of Statistics.
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