Private sector driver for global growth, says UN rep

THE private sector, specifically the micro small to medium enterprises (MSMEs), remains the main driver for global growth, says United Nations Development Programme (UNDP) resident representative Dirk Wagener.
“The real story is not the large corporations but the micro small medium enterprise,” he said.
“It is these enterprises that often bring innovations and drive change.
“They count for 60-70 per cent of the global employment and 50 per cent of gross domestic product (GDP) worldwide.”
Wagener said according to the International Council for Small Business (ICSB), MSMEs, whether formal or informal make up 90 per cent of all firms.
“MSMEs are often the first responders to societal needs. They are responsible for significant employment and income generating opportunities across the world,” he said.
“They have been identified as the major driver for poverty eradication and development.”