MSME digitalization can help speedy recovery of COVID shaken economies: ADBI
New Delhi, Jan 8 (KNN) Greater digitalization of Micro, Small, and Medium Enterprises (MSMEs) could be the ticket to a speedy recovery of coronavirus shaken economies in Asia and the Pacific in 2021, said Asian Development Bank (ADBI) Dean and CEO, Tetsushi Sonobe.
He said this during a webinar on COVID-19 impacts on Asian MSMEs and Households in September.
The objectives of the webinar was to highlight research by ADBI and ADB on the impacts of COVID-19 on MSMEs, households, farms, and tourism, as well as policies to address them and build the capacity of ADB developing member countries mitigate the pandemic’s negative socioeconomic effects.
During a webinar, Sonobe also discussed the importance of digital development for reviving growth among the region’s developing economies, related challenges and signs of progress, and the road ahead.
He also drew attention upon the findings of new ADBI survey research of MSMEs across Asia and the Pacific.
The proceedings also featured the findings of new research surveys on the current situation among MSMEs, households, farms, and the tourism sector in the region, providing a guide for improving pandemic mitigation.
The COVID-19 outbreak and resulting uncertainty and policy interventions such as lockdowns, social distancing, and travel restrictions continue to severely disrupt Asian economies. Micro, small, and medium-sized enterprises (MSMEs) that account for the majority of economic activity and employment in many countries in the region, together with households, are bearing the brunt of the pandemic’s negative effects.