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Why can’t they get their fair share in our budget?

In Bangladesh, while the pandemic has impacted businesses of all sizes, plus life and livelihood, evidence is mounting that the enterprises that employ between 1 and 249 workers—officially the micro, small and medium enterprises—are bearing the brunt of the economic slowdown. According to a recent World Bank survey, "micro, small, and medium enterprises (MSMEs) are hit especially hard due to pre-existing vulnerabilities and their lower resilience." Before our country took a hard knock from the pandemic, over 7.8 million SMEs were contributing to 25 percent of the country's GDP and 36 percent of jobs. The government had already planned to enhance their contribution to 32 percent of the GDP by 2024 to generate more employment. Hence, a crucial component for the revival of our employment, income, and economic vibrancy is the resuscitation of the MSMEs. That is why as we observe June 27 as MSME Day, it is important to raise public awareness of their contribution to sustainable development and the global economy.

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