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Policy Discussion SeriesUN – International Micro, Small, and Medium-Sized Enterprises (MSME) Day 2023
Brief Note from the Editor
Transformation of MSMEs as a Key Driver for Achieving SDGs by 2030 in Developing Countries.
Himachalam Dasaraju and Tulus TH Tambunan
Micro, Small, and Medium-sized Enterprises (MSMEs) are the core engine for economic growth and sustainability across the world. The MSMEs are the strongest economic development, innovation, and employment generation propellers. They play a vital role in all the general economies and developing economies. They are the key drivers of the development of the economy and the backbone of many developed and developing economies, accounting for 90% of the total business, 60-70% of employment, and 50% of GDP worldwide (UN, 2022). The MSMEs delineate 95 percent of all the existing companies across the world, more than 90% of all enterprises can be considered as MSMEs, of which a large number of enterprises can be classified as Micro firms, with lesser than ten employees in many countries. They may be small individually, but the micro and small enterprises with their workers account for a staggering 70% of employment worldwide as per revised ILO data (ILO, 2019).
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