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.
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.