Although they create more new jobs than large firms, SMEs also suffer the majority of job destruction/contraction. SMEs are also responsible for driving innovation and competition in many economic sectors. ĭeveloping countries tend to have a larger share of small and medium-sized enterprises. The United States' SMEs generate half of all U.S. In Tunisia, the self-employed workers alone account for about 28% of the total non-farm employment, and firms with fewer than 100 employees account for about 62% of total employment. In Chile, in the commercial year 2014, 98.5% of the firms were classified as SMEs. įor example, Australian SMEs makeup 98% of all Australian businesses, produce one-third of the total GDP (gross domestic product) and employ 4.7 million people. In any given national economy, SMEs sometimes outnumber large companies by a wide margin and also employ many more people. The abbreviation "SME" is used by international organizations such as the World Bank, the European Union, the United Nations, and the World Trade Organization (WTO). Small and medium-sized enterprises ( SMEs) or small and medium-sized businesses ( SMBs) are businesses whose personnel and revenue numbers fall below certain limits. Type of business with small personnel numbers
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