SMEs key to a better economy

THE small to medium enterprises (SME) are the major driving forces of any economy and are regarded as the backbone of the economy.
The creation of wealth by an economy is largely capitalised on those entrepreneurs venturing into small-scale economic activities such as floriculture, poultry, piggery, trade stores and others.
Papua New Guinea’s economy is presently hard hit because the Coronavirus (Covid-19) has prompted an unbearable situation for SMEs to thrive.
The pestilence is regarded as a bottleneck that stops the entire operational cycle of business activities in the country.
All businesses are faced with a nightmare that forces their operation to either cease involuntarily or alternatively lay off their workers just to minimise the labour cost during the presence of the Covid-19.
The economy has been undergoing a period of recession.
Moreover, the reports presented by the current Government show that we have a budget deficit, meaning this budget does not encourage economic prosperity but it is designed to deflate our economy.
More focus has been drawn to contain the pandemic while most of vital areas are left unattended.
SMEs are one area that needs attention too.

John