The COVID-19 pandemic has had a devastating impact on micro, small and medium enterprises (MSMEs), accounting for over 40 percent of GDP in most countries. Governments have announced economic relief packages, but these do not always address the real challenges MSMEs face to reopen and grow their business in the post-COVID-19 world. MSMEs require access to digital skills and solutions to continue to operate in this new environment. Based on an international survey by Arthur D. Little, the following best practices in economic and digital support have been identified to ensure that MSMEs survive and grow in the uncertain future: 1. Provide financial support, including grants, loans, and tax relief. 2. Offer training and capacity building programs to help MSMEs adapt to new business models and technologies. 3. Promote digitalization and e-commerce to enable MSMEs to reach new customers and markets. 4. Foster innovation and entrepreneurship to support the development of new products and services. 5. Encourage collaboration and partnerships between MSMEs and larger enterprises to leverage their strengths and resources. 6. Establish a regulatory environment that is supportive of MSMEs and encourages entrepreneurship. 7. Provide access to information and data to help MSMEs make informed decisions. By implementing these best practices, governments can help MSMEs recover from the pandemic and contribute to the global economic recovery.
