The COVID-19 crisis is plunging the global economy into a deep recession and micro, small and medium enterprises – which play a major role in emerging economies – are amongst the hardest hit.
With more than two-thirds of the global population employed by MSMEs, the unprecedented outbreak of COVID 19 has shown how tightly their activities are woven into the economic and social fabric of the world and therefore how fundamental their role is in social and economic resurgence. The current crisis threatens to push back the limited gains made on gender equality and exacerbate the feminization of poverty, vulnerability to violence, and women’s equal participation in the labor force. The project approach is built on the notion that nobody should be left behind.
To strengthen the capacity and resilience of micro, small and medium enterprises (MSMEs) in developing countries and economies in transition to mitigate the economic and social impact of the global Covid-19 crisis.
The project will be structured in five clusters addressing most critical areas of the MSME recovery:
- Mobilize entrepreneurial ecosystem and strengthen business skills
- Simplify business registration and facilitate formalization
- Improve access to finance/financial literacy
- Increase access to technology and innovation
- Enhance access to markets
UNCTAD will provide an overall coordination, lead clusters on MSMEs/entrepreneurship policies/skills facilitation and e-registration, and contribute to clusters on access to finance and markets.
UNCTAD network of Empretec centers in about 40 countries, within their national MSME networks, would provide an institutional support for dissemination and implementation of relevant outputs of other agencies.
Link to the SDGs:
MSMEs development and entrepreneurship can contribute to implementation of the entire Agenda 2030 . While the current crisis poses a threat to its implementation, the project, specifically contributes to the following SDGs:
SDG 1: End Poverty
SDG 4: Quality education
SDG 5: Gender Equality
SDG 8: Decent Work and Economic Growth
SDG 9: Industry, Innovation and Infrastructure
SDG 12: Responsible Consumption and Production
SDG 17: Partnerships for the Goals
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