Setting up small and medium-size enterprises for restart and recovery by Abdulaziz Albaz, Tarek Mansour, Tarek Rida, and Jörg Schubert published by McKinsey & Company (6/2020).
“Small and medium-size enterprises are a critical engine for the global economy. In the wake of the pandemic, governments can take four actions to maximize the impact of existing support measures.
Governments’ economic responses to the COVID-19 pandemic have included an array of measures to help people and businesses weather the storm. Small and medium-size enterprises (SMEs) are in an especially difficult position. Plunging demand has forced them to lay off workers, and many don’t have the financial resources to survive in this climate. In many countries, up to one-third of SMEs could go bust within three months of when the pandemic began in their countries. 1 But their viability will be critical to any postcrisis recovery: SMEs account for two-thirds of global employment and half of global GDP. A failure to protect them could put the entire global economy at risk.
Since the onset of the pandemic, governments have implemented a sizable number of programs aimed at addressing the needs of SMEs. The overarching goal has been to provide business owners with critical funds and support in the immediate term. These actions are critical, but to maximize their impact, policy makers could consider four additional actions: easing SME access to government support, enabling the support ecosystem through an ‘SME nerve center,’ sharpening focus on building sustainability and resilience, and replanning for the next normal.
SMEs have the potential to be an economic and employment engine after the crisis, but an effective government response now will be critical. The prospects of an eventual recovery depend on it...”
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