Empowering Inclusive Growth: Unleashing Potential of Women-led MSMEs in South Asia

Posted under: MSME
Date: 2023-09-28
Empowering Inclusive Growth: Unleashing Potential of Women-led MSMEs in South Asia

In an era marked by dynamic global economic challenges and the pursuit of inclusive growth, the pivotal role played by Micro, Small, and Medium-sized Enterprises (MSMEs) cannot be overstated. These enterprises, globally account for 90% of all businesses, generate 50% of global GDP, and provide livelihoods for 60 to 70% of the working population. They are the engines of innovation, creators of jobs, and the catalysts for domestic and regional development, enhancing local resilience and economic complexity. MSMEs kindle domestic demand, create jobs, innovate, and compete nationally and, potentially, regionally. However, beneath these impressive economic contributions to the Global economy, there lies a stark reality - a gaping credit gap that hinders the potential of MSMEs. In Asia alone, the credit gap in the sector is estimated at $2.7 trillion, due to restrictions on finance, equity, and payment services (United Nations ESCAP, 2022).

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