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MSMEs as the hope of community-based economic development: a literature discourse
Last modified: 2023-10-02
Abstract
The study aims to examine the role of MSME (Micro, Small, and Medium Enterprises) empowerment in fostering economic development at the national level. This research employs a qualitative descriptive approach to comprehensively explore the topic. The primary method used is a literature review, gathering data from previous studies, particularly those focused on economic empowerment. MSME economic empowerment represents a collaborative effort involving various stakeholders, including the government and society, aimed at achieving social welfare. MSMEs play a vital role in facilitating national economic growth and promoting equity, with their numbers continually increasing over time. As the MSME sector expands, it also generates higher employment opportunities, consequently reducing unemployment rates and increasing per capita income. This, in turn, contributes to poverty reduction. Therefore, it is necessary for the government to provide substantial support and collaborate with stakeholders to empower MSMEs fully. This empowerment serves as an alternative strategy to address economic challenges and inequalities, ultimately fostering social and economic development.
Keywords
Community based economy; social welfare; National economy; MSME empowerment
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