Closing the MSME Funding Gap in the Middle East and Africa
- Date: 27-Sep-2020
- Source: Fintech News Middle East
- Sector:Financial Markets
- Country:GCC
Closing the MSME Funding Gap in the Middle East and Africa
How to help the small business sector access the $5.2tn it needs to thrive.
Across the world, micro, small and medium-sized enterprises (MSMEs) are vital engines of economic growth and job creation. According to the World Bank, MSMEs make up 90% of businesses and account for more than 50% of employment worldwide. In Dubai, MSMEs employ around 52% of the overall workforce and generate 50% of the Emirate's GDP.
Going forward, it is estimated that around 600 million new jobs will be needed across the world between now and 2030 to absorb a rapidly growing workforce. In emerging markets, MSMEs create between 70 and 95% of all new jobs. Yet, despite their obvious importance to overall economic wellbeing, MSME failure rates can be as high as 50% within the first five years.
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