Thus more growth opportunities such as attracting

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currency value, which, in turn, maximizes the economy’s influence in the international trade. Thus, more growth opportunities, such as attracting foreign investors and increasing job supply are realized in the long-term. Conclusion The influence of SMEs in the global and national economy has increased in the last two decades. Promoting the SME sector has enhanced multiple economic and social benefits. One of the most significant implications is the increase of job supply in the economy. High unemployment rates have been the main constraint of growth and prosperity in both developed and developing countries. Furthermore, SMEs have a profound influence in reducing income inequality disparity in the global society, which is the main cause of high poverty rates in the world. Some of the economies that have managed to accrue high and sustainable economic
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ROLE OF SMES IN PROMOTING SOCIAL ECONOMIC GROWTH 12 growth rates through enhancement of SME sector includes India, Middle East, and China. Markedly, the three developing economies suffered from varying economic constraints, which made them register low growth rates and high rates of instability. In their responsive strategies, promoting the SME sector is the main common denominator in their development model. Precisely, increasing the investment in small and medium-sized economies can be used to resolve different economic constraints in a sustainable and efficient manner.
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ROLE OF SMES IN PROMOTING SOCIAL ECONOMIC GROWTH 13 References Adamowicz, M., & Machla, A. (2016). Small and medium enterprises and the support policy of the local government. Oeconomia Copernicana, 7 (3), 405-437. Berry, A. (2002). The role of the small and medium enterprise sector in Latin America and similar developing economies. Seton Hall J. Dipl. & Int'l Rel ., 3, 104. Dolai, S. K., Behera, B. C., Singh, P., & Panda, B. K. (2016). Growth and Productivity of Small and Medium Enterprises in Odisha: An Empirical Analysis. Splint International Journal of Professionals, 3 (1), 99. Rudenko, L., Zaitseva, N., Larionova, A., Chudnovskiy, A., & Vinogradova, M. (2015). Socio- Economic role of service-Sector small business in sustainable development of the Russian economy. European Research Studies, 18 (3), 223. Spremo, T., & Mićić, J. (2016). Small enterprises: Key source of employment and economic growth. The Proceedings of the Faculty of Economics in East Sarajevo - Journal of Economics and Business, 1 (11), 63-73. Talimova, L. A., & Kalkabaeva, G. M. (2016). Assessment of Credit Support to Small and Medium-Sized Businesses in the Republic of Kazakhstan. Journal of Advanced Research in Law and Economics, 7 (3 (17)), 637-648.
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