Knowledge Note

Micro, small, and medium-size enterprises (MSMEs—enterprises that typically have fewer than 250 employees) contribute significantly to economic development. This is particularly evident in developing countries, where formal MSMEs represent approximately 45 percent of employment and approximately 33 percent of GDP. This contribution to economic development is even greater when informal MSMEs—that is, enterprises that are not formally registered—are included.

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McKinsey & Company