Breakout session 1: Improving access to finance
Jun 27, 2023 | 4:30 PM - 6:00 PMParallel Sessions 1 Room CC2
Jun 27, 2023 | 4:30 PM - 6:00 PM
Parallel Sessions 1 Room CC2
Description
Access to finance is critical to enable SMEs and entrepreneurs to start-up, invest, grow, and respond to shocks. SMEs were hit hard during the COVID-19 crisis due to weaker liquidity buffers. Many came out of the crisis with higher levels of debt. Macro-economic developments in 2022 and 2023, notably sluggish growth, inflation, and higher interest rates have weighed again on both debt and non-debt financing for SMEs. Going forward, Governments must continue to enable the diversification of financing instruments, including by leveraging financial technologies. The implementation of the OECD Recommendation on SME Financing will support these efforts.
