Policy And Data Support To Enhance MSME’s Role As Growth Driver: ADB Report

Posted under: MSME
Date: 2023-10-26
Policy And Data Support To Enhance MSME’s Role As Growth Driver: ADB Report

The role of micro, small and medium enterprises (MSMEs) as drivers of growth in the economy will a boost through policy and data support, according to Asia Small and Medium-sized Enterprise Monitor 2023. Published by the Asian Development Bank, the report states that the MSME sector played a vital role in the recovery of the economies of Asia and the Pacific region. ADB Chief Economist Albert Park considers job creation a critical challenge for Asia and the Pacific. The report suggests formalizing small businesses, reskilling workers, integrating technology, promoting economic diversity, and providing innovative financing to create an environment for sustainable growth. Remittances from emigrants to advanced economies can support small businesses and create employment opportunities for women and younger workers in the Pacific. MSMEs actively participate in tourism and agribusiness, which drive Pacific economies and raise national productivity.

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