Unlocking MSMEs potential in LATIN AMERICA and the CARIBBEAN
Small and medium-sized enterprise (SME) development is critical for broad-based and sustained economic growth as Latin America and the Caribbean (LAC) grapple with ongoing global shocks following two years of pandemic-related fiscal challenges. SMEs are a primary source of job creation, comprising 99.5 percent of firms in the region, and accounting for 60 percent of employment.1 Yet, these same firms represent only 20 percent of gross domestic product (GDP), due to constraints spanning financial to productivity issues. Helping SMEs both overcome growth constraints and provide higher-quality jobs is important in the context of today’s disparate and fragile economic recovery. SMEs are particularly vulnerable to inflation and labor-market weaknesses from scarcity to informality. With risks of lasting consequences still present, returning to pre-pandemic levels of output is insufficient for the economy in general, and for SMEs.
PHOTO: https://www.atlanticcouncil.org/
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