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Yemen Socio-Economic Update, Issue 66 - November 2021 [EN/AR]

Countries
Yemen
Sources
Govt. Yemen
Publication date

Small and medium-sized enterprises (SMEs) play an important role for development with a potential to trigger socio-economic transformation in most countries around the world, particularly Yemen. SMEs tend to be highly labor-intensive considering the amount of capital invested and the total jobs they create compared to other businesses.
Yet, their contribution to the GDP is significant, considering the amount of capital invested, which confirms their crucial role to development far beyond large firms. SMEs proved their capability of addressing major issues .
Based on that, SMEs can be champions as entrepreneurs can develop ideas and turn them into successful start-up businesses that are likely to grow steadily and sustainably.
SMEs are the seeds of large firms that respond to the domestic market needs.
Entrepreneurship is the dynamic process of creating incremental wealth and innovating things of value that have a bearing in the society. They help providing an enormous amount of goods and services and enhances the growth of social welfare through the creation of job opportunities, innovation, and improve the economy. The person behind the entrepreneurship is an action-oriented and highly motivated individual who is ready to achieve goals. Entrepreneurs take the economy and the society that is the key to progress and prosperity. Thus, the growth or establishment of SMEs is the specific contribution of entrepreneurship in every economy of the world.
Hence, this issue of the YSEU Bulletin explores the concept and importance of entrepreneurship for development, while it diagnoses the reality of SMEs in Yemen, as well as challenges and difficulties facing the sector, including the negative impact brought by the conflict and war on one hand, and the COVID-19 pandemic on the other.
Meanwhile, the basic needs and interventions to revitalize the development role of SMEs across the economic, social, environmental and human dimensions have to be enhanced.