Celebrating International SMEs Day: The Backbone of Economies

(Para la versión 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 businesses that generally have fewer 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 their small individual size, 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 data from the International Council for Small Businesses, this type of business represents more than 90% of all companies, generates between 60% and 70% of employment, and accounts 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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