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A group of top panellists attending a function organised by the Mail & Guardian last week agreed that government should do more to support SMME growth. Stimulating small business should be a key focus for the economy to absorb the unemployed, Finance Minister Trevor Manuel said. Economist Stephen Gelb said that black empowerment had created an environment that encouraged people to express their innovation in the corporate sector instead of in the creation of small business. Absa chief executive Steve Booysen said that not enough attention was given to small business although they were the biggest employers.

  • In OECD countries SMMEs account for more than 95% of firms, 60%-70% of employment and 55% of GDP
  • In developing countries SMMEs represent more than 90% of firms
  • It is estimated that in African countries SMMEs generate between 32% and 60% of GDP.
  • A World Bank estimate shows that SMMEs represent more than half of all GDP and account for nearly two-thirds of employment.
  • In all of Africa and south Asia, less than $1 billion in actively managed investment funds specifically target the SMME sector.

 Source: Business Report, Thursday, August 28 2008
Source: Grofin

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Written by bandwidthbarn

September 1, 2008 at 8:35 am

Posted in Small Business Development

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