What is the business community recommending to the G20’s leaders on SME development?
July 24, 2016 Editor 0
This blog post was originally published on the website of the World SME Forum, at http://worldsmeforum.org/blog/what-is-the-business-community-recommendin…
This coming September, the G20 Leaders will meet in Hangzhou, China, at a time of increasing volatility in global markets and political uncertainty. Across G20 economies and beyond, there is a pressing need to unlock growth, investment and jobs. Unlocking the growth of small and medium-sized enterprises (SMEs) provides one of the best opportunities to achieve all of that.
In most countries, SMEs of all sizes contribute more than 50 percent of GDP and three quarters of formal employment. They are important for social stability, innovation, equitable growth and poverty alleviation, and they form the backbone of the working middle class.
However, SME development has historically been constrained by a lack of access to markets, critical resources such as finance and skills, and a complex set of regulations and standards.
In the last few years, G20 governments have made SME development a priority. This has been strongly encouraged by the Business 20 (B20), the premier dialogue platform of the business community with the G20 policymakers representing the most important economies of the world.
The 2016 China B20 SME Development Taskforce (“SME Taskforce”) builds on the work of the 2015 Turkey B20. Established under the Chair of Mr Jack Ma, Executive Chairman of Alibaba Group, with Accenture as Knowledge Partner and the World SME Forum as Network Partner, more than 100 senior executives from SME businesses, entrepreneurs and business associations contributed to the Taskforce.
- ‘World SME Forum’: A global platform to support SME development, bridging Turkey B20 and China B20
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- From Tirole to the WBG Twin Goals: Scaling up competition policies to reduce poverty and boost shared prosperity
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- Consultation on how to improve SMEs’ access to finance through better public credit guarantee schemes
Categories: World Bank PSD
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