Posted: Tuesday, June 27, 2023. 10:59 am CST.
By Zoila Palma Gonzalez: The United Nations (UN) is observing Micro, Small and Medium-sized Enterprises (MSME) Day 2023 today.
The U.N. notes that the day is observed to galvanize MSMEs worldwide by supporting women and youth entrepreneurship and resilient supply chains.
Several crises including the global COVID-19 pandemic have impacted MSME’s around the world.
In addition, conflicts, commodity dependence, geopolitical tensions, and pandemics drive social and economic instability, making MSMEs extremely vulnerable to rising inflation and supply chain disruptions.
The U.N. notes that women- and youth-owned enterprises are often at risk of external shocks.
“This is when the percentage and overall number of business formations by women and youth are increasing worldwide. However, facing limited access to affordable finance, capacity-building support, partnership networks, and global markets, women and young entrepreneurs need help to overcome the numerous challenges that frequently stifle the growth of their businesses, confining many of them to informality or necessity entrepreneurship,” the U.N. stated.
The U.N. urges world leaders to implement policies that strengthen capacities and support MSMEs development and entrepreneurship for women and youth.
Data from the U.N. indicates that MSMEs account for 90% of businesses, 60 to 70% of employment and 50% of GDP worldwide.
“As the backbone of societies everywhere MSME’s contribute to local and national economies and to sustaining livelihoods, in particular among the working poor, women, youth, and groups in vulnerable situations,” the U.N. added.
MSMEs hold the potential to transform economies, foster job creation, and promote equitable economic growth if given adequate support.
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