Celebrating International SMEs Day: The Backbone of Economies

(Para la verión en español, ir a: 27 de junio: Día de las Microempresas y las Pequeñas y Medianas Empresas MiPYMEs)

The power of the small

SMEs are units which generally have less than 250 employees. In many countries, more than 90% of all enterprises can be considered SMEs, and a large proportion of them fall into the category of micro-enterprises, operating with fewer than 10 employees. In Spanish, these are called PYMES, and you can read about them in my other blog post in Spanish, here.

Despite the small size of each unit separately, new data compiled by the ILO show that the activity of micro and small enterprises, in addition to that of the self-employed, reaches a staggering 70% rate of global employment when considered together. On the other hand, companies with less than 100 employees generate more than 50% of new jobs worldwide.

SMEs in Argentina

In Argentina, an SME is a micro, small, or medium-sized enterprise that carries out its activities in the country, in any of these sectors: services, commercial, industrial, agricultural, construction, or mining. It can be composed of one or more people and its category is established according to the declared activity, the amounts of the annual total sales, or the number of employees (more info and additional data here).

International SMEs Day

According to the data of the International Council for Small Businesses, this type of business represents more than 90% of the total companies, generates between 60% and 70% of the employment, and is responsible for 50% of the Gross Domestic Product (GDP) worldwide.

The UN General Assembly declared June 27 as the Day of Micro, Small, and Medium Enterprises due to their significant contribution to sustainable development.

Author: Veronica Magan Laca, Sworn Legal Translator and Conference Interpreter, specializing in international and industrial development (English and Spanish).

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