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Middle East and Central Asia > Jordan

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Cover IMF Working Papers
Harnessing Digital Technologies to Promote SMEs in the MENAP Region
Ms. Inutu Lukonga
Policy makers in the MENAP region have been formulating policies and designing programs to develop small and medium sized enterprises (SMEs) with a view to create jobs and achieve inclusive growth. But while the programs have helped increase the number of enterprises, growth of SMEs continues to face barriers to growth. As a result, microenterprises predominate and SMEs contribution to employment remains below potential. Partial implementation of reforms explain some of the underperformance, but frictions in strategy design also played an important role. Sustaining current reforms is, therefore, not sufficient to achieve inclusive growth. Digital technologies have potential to boost SMEs productivity and growth and economies are rapidly digitalizing, thus SMEs need to embrace digital solutions to compete and survive. Therefore, for SMEs to be effective engines of inclusive growth, a rethinking of the SME development strategy is needed that makes SMEs’ digital transformation a priority.
Keywords:
WP; SME growth; MENAP country; financing SMEs; SME sector; SME support policy; SMEs in MENAP; SME lending; government service; digital economy; Small and medium enterprises; Business environment; Employment; Digitalization; Global; Middle East; North Africa; Sub-Saharan Africa; Digital Technologies; Inclusive Growth; MENAP Region; SME strategy; private equity; SME policy; SME data
Cover Policy Papers
Enhancing the Role of SMEs in the Arab World—Some Key Considerations
Vahram Stepanyan
,
Gohar Abajyan
,
Anta Ndoye
, and
Ms. Marwa Alnasaa
Small and medium-sized enterprises (SMEs) are a cornerstone of Arab economies, accounting for over 90 percent of all businesses and providing a major source of new job creation. Governments across the Arab World recognize the important role that SMEs can play in delivering higher and more inclusive growth. Many have rightly placed SME development at the center of growth and jobs strategies to meet the needs of young populations. Authorities have initiated policy interventions and schemes to support SME development. But progress so far has been patchy, and more comprehensive policy action is needed. Fostering vibrant and competitive SMEs that contribute to employment opportunities and high value-added output requires various stakeholders to deliver on a broad range of factors. Arab governments need a holistic policy approach that addresses the gaps in access to finance, creates an enabling business environment, and upgrades human capital and infrastructure. The approach should also promote an entrepreneurial mindset.
Keywords:
PP; SME development; SME support scheme; control group SMES; SME policy; SME sector; SME activity; SME constraint; SME access; SME data availability; SME needs; Small and medium enterprises; Self-employment; Business environment; Financial inclusion; Public sector; Global