Pakistan stresses addressing small business issues, Asian Development Bank

The Asian Development Bank (ADB) has recommended Pakistan that its private sector, particularly small and medium-sized enterprises, mitigate challenges (SMEs).

"Political challenge – strengthening smaller companies to promote growth in the private sector Collectively, stronger SMUs will become a crucial cornerstone of Pakistan's economy, enabling them to absorb a large number of young people who join the labor market," said ADB in its flagship paper.

Pakistan is the world's third-largest provider of SMEs assistance, which is the core of its policies late to promote small and medium-sized enterprises.

Prime Minister Imran Khan also considers SMEs as an important part of the country's economy. He stressed the development of jobs and better financial conditions for small and medium-sized businesses.

In the same paper, the Asian Development Bank said Pakistan's economy is set to recover this year, which may help to ease some of the problems facing SMEs as a result of the COVID-19 pandemic. In view of the effectiveness of the vaccine deployment COVID-19 and the economic stability initiatives, the development will increase to 4% by 2022.