A recent report by the Asian Development Bank (ADB) highlights the pivotal role that micro, small, and medium-sized enterprises (MSMEs) have played in fostering recovery in Asia and the Pacific during and after the COVID-19 pandemic. It emphasises that offering policy and data support is essential to further elevate MSMEs as catalysts of growth in the future. According to a press release by ADB, the Asia Small and Medium-Sized Enterprise Monitor 2023, unveiled on Tuesday, underscores key factors for enabling these businesses to thrive and contribute to inclusive and sustainable growth. These factors include the formalization of small businesses, reskilling and upskilling of workers, integration of digital tools and technology, economic diversification, and enhancing access to new and innovative financing options. According to ADB Chief Economist Albert Park, "Job creation is a critical challenge for Asia and the Pacific.