About 15 percent of micro-, small- and medium-sized enterprises (MSMEs) in Malaysia were temporarily closed due to a lack of funds stemming from the COVID-19 epidemic.
Micro-enterprises make up the bulk of the SME sector at 78.4 percent. (Photo: The Malaysian Insight)
Hanoi (VNA) - About 15 percent of micro-,small- and medium-sized enterprises (MSMEs) in Malaysia were temporarily closeddue to a lack of funds stemming from the COVID-19 epidemic.
The Malaysian Insight cited Ding Hong Sing, Presidentof the SME Association of Malaysia, as saying that there are 1.15 million SMEs,which account for 97.2 percent of businesses in Malaysia.
Since 2015, SMEs have increased by an average 4.9percent each year. Eighty percent of them are in the service industry. In2020, this figure increased to 85.5 percent.
Ding said micro enterprises make up the bulk of thesector at 78.4 percent. Its numbers grew by 205,504 from 2015 to 2020 whichputs its annual growth rate at 5.4 percent.
Small businesses number 229,987 or 20 percent of total SMEsand medium-sized enterprises, 18,289 or 1.6 percent.
The SME sector has also taken a hit for the first timein 17 years, posting -7.3 percent growth.
Ding said in 2019, SMEs contributed 38.9 percent or553.5 billion RM of the GDP but this declined in 2020 to 38.2 percent or 512.8billion RM.
In terms of employment, SMEs are also hiring 48percent less. In 2020, SMEs employed 7.24 million people, 0.9 percent less thanthe previous year, when they employed 7.32 million people.
“The year-on-year decline shows SMEs have beenseverely hit by the coronavirus. Before 2020, the number of people employedincreased by at least 3 percent or 200,000 a year.”
The Malaysian Government on December 7 said it will supportMSMEs in the post-COVID-19 period with a focus on innovation, digitisation and technology,associated with principles of environmental, social and governancesustainability./.
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Micro-enterprises make up the bulk of the SME sector at 78.4 percent. (Photo: The Malaysian Insight) 
