Policy Reponses to Stimulate MSME Demand in the Wake of COVID-19 Pandemic in APEC Economies
| Published Date | October 2022 |
|---|---|
| Type of Publication | Reports |
| Publication Under | Economic Committee (EC) |
| Accessed | 685 |
| Pages | 85 |
| Download publication | Download |
Description
The COVID-19 pandemic caused a detrimental impact on small and medium enterprises (SMEs), which has been addressed by series of policy response across APEC economies, aiming mainly to support MSME’s survival in the short term. However, only few economies have introduced structural policies that were geared towards long term demand sustainability, such as accessing new markets, innovation, and capacity building.
A set of policy recommendations are put forward, which are categorized into (1) short term quick wins; and (2) medium to long term strategic initiatives, as follows:
- Business and Product Innovation
- Enabling MSMEs to quickly build capability in changing their products offering and/or business models
- Instilling innovation capabilities to drive MSMEs resilience
- Expanding Market Access
- Connecting MSMEs with new customers
- Preparing MSMEs capabilities for serving institutional and international market
- Marketing and Sales Initiatives
- Direct campaign to promote MSMEs product
- Continuous efforts to strengthen MSMEs branding
- Enabling Infrastructures and Related Policies