MSMEs highlighted as key driver of global and Turkish economy

Istanbul [Turkey], June 29: Turkish small and medium-sized enterprises (SMEs) account for most of businesses in the country, playing a decisive role in many areas of the economy, ranging from employment to production, whether in small towns or major cities, financial officials said.
The UN General Assembly adopted a resolution in April 2017 to celebrate Micro-, Small and Medium-Sized Enterprises (MSMEs) Day, first observed on June 27, 2017, to underline the contributions of SMEs to the global economy and sustainable development.
This year, the special day is marked under the theme of "Empowering MSMEs through Innovation and Sustainable Industrial Development." The U.N. says SMEs make up for 90% of businesses worldwide and account for around 70% of employment, while contributing 50% of global gross domestic product (GDP).
Humberto Lopez, Türkiye country director at the World Bank, told Anadolu Agency (AA) on the occasion of the U.N.'s MSMEs Day that small businesses make up the backbone of the Turkish economy, accounting for 70% of total employment.
Lopez stated that implementing policies to empower SMEs is not only an economic but also a social priority, as it requires simultaneous action across many areas, where the World Bank can play an active role by combining public and private sector tools.
He noted that the bank works in public policy, institutions, guarantee mechanisms, and crisis response, while the International Finance Corporation (IFC) supports private sector investments, financial institutions, and capital markets.
Source: Qatar Tribune