Abstract

Author:Emmanuel Osamuyimen Eboigbe, Oluwatoyin Ajoke Farayola, Donald Obinna Daraojimba, Busari Olumuyiwa Samod, Francisamary Chinyere Okonkwo

Doi: 10.26480/jtwe.02.2023.119.126

This is an open access article distributed under the Creative Commons Attribution License CC BY 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

Small businesses are the microcosm of developing countries economy. They are the oil that keeps the citizens going. They come in form of neighbourhood kiosk seller, to airtime or food vendors, among others. Their key role informs this study to undertake a review of the expansion of small businesses in developing countries with in-depth analysis of the recent trends. This is with a view of exploring the new growth strategies in the global south. Small and Medium-sized Enterprises (SMEs) play a significant role in the global South, contributing substantially to employment, economic growth, and poverty reduction. Recent trends in SMEs in the global South highlight their resilience, adaptability, and increasing adoption of technology. It was observed that there is an estimated 89 million SMEs exist in the developing countries and contribute 70% of formal employment in developing countries. SMEs contribute up to 45% of GDP in developing countries. Women are also driving the growth of SMEs with 50% contribution in Africa. In the United States, women-owned businesses employ nearly 9 million people and generate over $1 trillion in revenue. In India, women-owned businesses create over 13 million jobs and contribute over $200 billion to the economy. The study also gave useful suggestions needed to expand small businesses in developing countries.