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Perspective on the Impact and Policy Responses to MSMEs as a Result of the COVID-19 Crisis Dr. Ayman El Tarabishy ICSB Executive Director and Deputy Chair at GWSB

Transcript of W ] À } v Z / u v W } o ] Ç Z } v } D^D Z µ o } ( Z Ks/ r í õ ] ] › content › documents ›...

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Perspective on the Impact and Policy Responses to MSMEs as a Result ofthe COVID-19 Crisis

Dr. Ayman El TarabishyICSB Executive Director and Deputy Chair at GWSB

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As MSMEs represent the largestpopulation of enterprises aroundthe globe, accounting for over 50%of enterprises, they also representa large group of people.

Therefore, when we speak aboutMSMEs, we need to put inperspective that includes thecompany, and also the owner andpeople working there.

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Being months into the pandemic and in aplace where many economies are “re-opening,” it is the moment to reviewCOVID’s influence on MSMEs while alsohypothesizing how this present momentmight influence the future.

There has been a wide variety ofstimulus packages offered globally, andit is certain that the nations that havecentered their programs around theindividual, as well as the smaller units intheir economy, will bounce back quickerthan those that push those at thebottom of society farther down.

STIMULUS PACKAGES ON THE INDIVIDUALAND MSMEs

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It is important to remember through all of thisthat MSMEs are made of humans. Therefore,to understand the full scope of suffering onMSMEs from COVID, we must look at thetrend for individuals. The two mostprominent groups being affected by COVID arewomen and the youth.

Currently, only 5% of aid is aimed at women’sneeds, 184 million fewer women own amobile phone than men, only 45% of womenglobally are connected to the internet(whereas 50 % of the global population isconnected), and only 2% of venture fundingwent to female founders.

WOMEN AND YOUTH THREATS AND OPPORTUNITIES

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The mandates for staying at home, socialdistancing, and in some cases, physicalshut down and closure has placedunprecedented limits on us. So how canwe innovate with limited resources in away that will create products andservices that are accessible to all?

In taking a step back, we might see thesolution more easily; being that wemust do better with less. We can beginto think about how SMEs can escape thevolatility of crisis and change, andeventually start finding solutions thatuplift the values of ingenuity, empathy,and resilience.

FRUGALINNOVATION

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The SDGs seeks to eliminate and absolutelyend all social, economic, and environmentalabuses at play in our current systems.

So less resources to make products andservices that are available to all. Well if weare looking for sustainable change we thensee how the reach of MSMEs can beleveraged.

Because MSMEs, representing over 50% of theeconomy it makes them the perfect sector tobegin working to create and disseminatenewly created systems that aid the localcommunity, which working from a globalperspective.

SUSTAINABLE DEVELOPMENT GOALS

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These realities can be seen quite depressively,yet they also provide us our arena and showus what we need to work on. By viewing theworld with eyes of opportunity.

Additionally, the important work beingpracticed by the UN, DESA, ILO, UNCTAD, andICSB is centering these vulnerable populationsin our programming to create innovativesolutions for a better world.

So rather than spending too much timehypothesizing on future trends, we mustadvocate for measures that uplift ourhumanity.

LOOKING FORWARD

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BIO

Dr. Ayman El Tarabishy serves as theExecutive Director of ICSB. He isalso the deputy chair of theDepartment of Management at theGeorge Washington School ofBusiness. His work involves bringingthe principles of HumaneEntrepreneurship to the forefrontof entrepreneurship education inaddition to promoting the voicesand visibility of MSMEs, portrayedthrough his influential work increating the United Nations NameDay for MSME Day celebrated onJune 27th.

[email protected]


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