KUALA LUMPUR: Malaysia’s micro, small, and medium enterprises (MSMEs) sector has scaled up as growth data indicates positive development, said Entrepr...
: Malaysia’s micro, small, and medium enterprises sector has scaled up as growth data indicates positive development, said Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick.
“MSMEs are the backbone of any economy worldwide. In Malaysia, MSMEs account for 1.1 million enterprises or 96.9 per cent of all businesses in 2023,“ he said when announcing MSMEs’ performance at his office here. Elaborating, he said MSMEs continued to demonstrate resilience last year, which is in line with Malaysia’s overall economic performance, despite facing challenging external conditions.
On July 26, DOSM reported that MSMEs’ contribution to the GDP grew by 5.0 per cent in 2023, with a value added of RM613.1 billion and contributing 39.1 per cent to Malaysia’s economy.
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