Policy, Data Support Can Boost Micro, Small, and Medium-Sized Enterprises in Asia and the Pacific

Posted under: MSME
Date: 2023-10-27
Policy, Data Support Can Boost Micro, Small, and Medium-Sized Enterprises in Asia and the Pacific

Providing MSMEs with policy and data support can boost their role as drivers of growth in the future, according to a report by the Asian Development Bank (ADB). The report, which focuses on economies in the Pacific, looks at how small businesses can contribute to resilient growth. Low business diversification limits a country’s growth potential, highlighting the need for more innovative and globalized small firms, startups, and entrepreneurship in developing Pacific economies, according to the report. Key constraints include underdeveloped infrastructure, limited e-payment options, a lack of supportive regulatory frameworks, a lack of familiarity among small businesses with digital devices, or limited literacy in digital operations. Compared with other subregions, data infrastructure in Pacific economies remains in its infancy. There is a need to establish a regularly updated database to map the MSME landscape in the Pacific.

Read more at: www.adb.org