June 27 has been declared as Micro-, Small and Medium-sized Enterprises Day by the General Assembly to raise public awareness of their contribution to sustainable development and the global economy. These enterprises are considered the backbone of the economy. The UN will be hosting various events to discuss how MSMEs can be equipped to ensure an equitable and sustainable recovery post-Covid. These enterprises help in promoting equitable growth and are a source of job creation, innovation, and sustainability.
The impact of Covid-19 has been different on everyone, and among the private sector, Micro, Small, and Medium-sized enterprises (especially the enterprises that are led by women, youth, migrants, etc.) have suffered the most. The formal and informal MSMEs make up for around 90% of all the firms, account for 70% of the total employment and 50% of GDP, and play a vital role in achieving green recovery.
Related events by United Nations:
1. SME Competitiveness Outlook 2021: Empowering the Green Recovery
2. MSME Digital Champions Initiative
3. MSMEs: Key to an inclusive and sustainable recovery
For more information click here and here.
Mahak Rathee
Global Representative (India)
Roya Institute of Global Justice