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Logo of the United Nations Micro-, Small and Medium-sized Enterprises Day
June 27, 2018
This year on 27 June we celebrate for the first time the Micro-, Small and Medium-sized Enterprises Day. Those enterprises, which generally employ fewer than 250 persons, are the backbone of most economies worldwide and play a key role in developing countries.
According to the data provided by the International Council for Small Business (ICSB), formal and informal Micro-, Small and Medium-sized Enterprises (MSMEs) make up over 90% of all firms and account on average for 60-70% of total employment and 50% of GDP.
The General Assembly, recognizing the importance of these enterprises, decided to declare 27 June the Micro-, Small and Medium-sized Enterprises Day to raise public awareness of their contribution to sustainable development.
Micro-, small and medium enterprises, the first responders to societal needs
These types of enterprises are responsible for significant employment and income generation opportunities across the world and have been identified as a major driver of poverty alleviation and development.
MSMEs tend to employ a larger share of the vulnerable sectors of the workforce, such as women, youth, and people from poorer households. MSMEs can even sometimes be the only source of employment in rural areas. As such, MSMEs as a group are the main income provider for the income distribution at the “base of the pyramid”.
MSMEs should be the first responders to societal needs and provide the safety net for inclusiveness.
Location:
Website: http://www.un.org/en/events/smallbusinessday/
Categories: Business & Economics
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