ADB: MSMEs key to post-COVID-19 recovery in Southeast Asia
A new report from the Asian Development Bank (ADB) shows that strengthening the dynamics of micro, small, and medium-sized enterprises (MSMEs) with innovation and internationalization will be key to revitalizing Southeast Asian economies devastated by the coronavirus disease (COVID-19) pandemic.
Hanoi (VNA) – A new report from the Asian Development Bank (ADB) shows that strengtheningthe dynamics of micro, small, and medium-sized enterprises (MSMEs) withinnovation and internationalization will be key to revitalizing Southeast Asianeconomies devastated by the coronavirus disease (COVID-19) pandemic.
The bank’s Asia Small and Medium-Sized Enterprise Monitor (ASM) 2020 said MSMEsare a critical driving force in Southeast Asian economies, accounting for anaverage of 97 percent of all enterprises and 69 percent of the national laborforce from 2010 to 2019. They contributed an average of 41 percent of eachcountry’s gross domestic product over the same period.
“MSMEs in Southeast Asian economies mainlyfocus on domestic markets and their level of entrepreneurship remainsuboptimal. Supporting the development of MSMEs, particularly in technologyadoption and participation in global supply chains, will contribute toinclusive growth and aid in recovery efforts from COVID-19,” said ADB ChiefEconomist Yasuyuki Sawada.
He expressed his belief that ASM 2020, which provides a rich set of dataand analyses on MSME development in Southeast Asia pre-COVID-19 pandemic, wouldbecome a benchmark in helping design feasible government assistance for MSMEsamid a new normal in the region.
The first volume of ASM 2020,released on October 22 at a virtual launch attended by ADB Vice-President forKnowledge Management and Sustainable Development Bambang Susantono,presents a detailed assessment of financial and nonfinancial issues facingMSMEs in Southeast Asia at both the country and regional levels. It alsoanalyses policies and regulations surrounding MSME development and access tofinance in each country in Southeast Asia.
Key findings from the report’ssecond volume, to be released on October 28, examines the impact of COVID-19 on MSMEs in Indonesia, Laos, thePhilippines, and Thailand based on rapid surveys conducted from March to Maythis year./.
Vietnam’s economy is expected to grow 1.8 percent in 2020 amid the COVID-19 pandemic and bounce back to 6.3 percent in 2021, according to a new report released by the Asian Development Bank (ADB) on September 15.
Vietnam’s economy is forecast to expand 1.8 percent in 2020 amid the coronavirus and bounce back in next year, while economies across developing Asia will contract this year for the first time in nearly six decades but recovery will resume next year, according to a recent report released by the Asian Development Bank (ADB).
Despite relatively effective containment of Covid-19, the impact of the pandemic on Thailand's economy has been more severe than expected and economic recovery remains elusive, with annual GDP poised to shrink by 8 percent, says the Asian Development Bank (ADB).
The COVID-19 pandemic has caused substantial disruptions to economies and the labour market with serious impacts on youth employment in Asia and the Pacific.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
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The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
Illustrative image (Photo: //www.adb.org/) 
