SMEs, entrepreneurship contribute by two-thirds to world GDP – OECD

SMEs and entrepreneurship contribute by more than two-thirds of the world’s GDP, and support around 52 percent of jobs, said an official in the Paris-based think-tank OECD on Wednesday.

“The role of SMEs and entrepreneurship in employment and productivity is not really recognised, although by number, they dominate the business stage and are the main source of employment.” said Lamia Kamal-Chaoui, Director of the OECD Centre for Entrepreneurship, SMEs, Regions, and Cities.

The Organisation for Economic Co-operation and Development (OECD) cooperates with 800 universities worldwide to boost small and medium-sized businesses, Chaoui said at the International Council for Small Business’s (ICSB) World Congress taking place in Cairo.

“OECD is currently working with the Egyptian government on a dedicated and comprehensive programme in which SMEs and entrepreneurship are becoming a key component.” Chaoui said.

Technologies, trade, digitisation, and globalisation can be a “powerful game changer” that might help improve the productivity of SMEs and push progress forward in the developing countries, the OECD official added.