Did you know that small businesses are super important for our world? They’re called MSMEs, which stands for Micro, Small, and Medium-sized Enterprises. That’s a big name for businesses that might be as small as your local bakery or as big as a company that makes your favorite toys!
These MSMEs make up more than 90% of all businesses around the globe. Wow! They help drive new ideas (that’s called innovation), help our local towns and cities grow, and make sure everyone has a chance to be part of the economy.
Matthew Wilson from the World Trade Organization (that’s the WTO 🌐) says that MSMEs are like the backbone of our global economy. Imagine trying to stand up without your backbone—pretty tough, right? That’s how important these small businesses are!
Let’s take China as an example. China has over 52 million MSMEs. That’s a lot of businesses! They contribute to around 60% of China’s GDP (which is the total value of everything a country makes) and make up 68% of its exports (things they sell to other countries).
So next time you visit a small shop or see a local business, remember—they might just be changing the world! 🌟
How could you support small businesses in your community?
Reference(s):
cgtn.com
