ADB says strengthening small firms key to Southeast Asia's post-Covid-19 recovery

MANILA, Oct. 22 (Xinhua): Strengthening the dynamics of micro, small, and medium-sized enterprises (MSMEs) with innovation and internationalization is key to revitalizing Southeast Asian economies devastated by the COVID-19 pandemic, according to a new Asian Development Bank (ADB) report released on Thursday.

The Asia Small and Medium-Sized Enterprise Monitor (ASM) 2020 said that MSMEs are a critical driving force in Southeast Asian economies, accounting for an average of 97 percent of all enterprises and 69 percent of the national labor force from 2010 to 2019. They contributed an average of 41 percent of each country's gross domestic product over the same period, said the report.