Placing MSMEs at heart of ASEAN’s economic recovery
Micro, small, and medium-sized enterprises (MSMEs) not only provide livelihoods for the most vulnerable communities, but also are leading contributors to many economies in the ASEAN. Tuan Vu from Oxfam and Aurora D. Geotina-Garcia, chair of the Philippine Women’s Economic Network, call on the bloc to place MSMEs at the centre of its economic recovery.
There’s no doubt that COVID-19 has hit ASEAN economies hard. With the pandemic continuing to escalate around the world, the predictions of economic losses keep mounting – the economies of East Asia and Pacific excluding China are forecast to contract by 1.2 per cent in 2020. Singapore, Thailand, Malaysia, and the Philippines could be hit particularly hard with contractions of 7, 7.7, 3.8, and 3.6. per cent respectively, according to the International Monetary Fund and government sources.
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