![]() The financing gap is even larger when micro and informal enterprises are taken into account.įormal MSME Finance Gap in Developing CountriesĪ key area of the World Bank Group’s work is to improve SMEs’ access to finance and find innovative solutions to unlock sources of capital. About half of formal SMEs don’t have access to formal credit. Latin America and the Caribbean and the Middle East and North Africa regions, in particular, have the highest proportion of the finance gap compared to potential demand, measured at 87% and 88%, respectively. The gap volume varies considerably region to region. East Asia And Pacific accounts for the largest share (46%) of the total global finance gap and is followed by Latin America and the Caribbean (23%) and Europe and Central Asia (15%). The International Finance Corporation (IFC) estimates that 65 million firms, or 40% of formal micro, small and medium enterprises (MSMEs) in developing countries, have an unmet financing need of $5.2 trillion every year, which is equivalent to 1.4 times the current level of the global MSME lending. ![]() ![]() Overseas, Asian equities jumped on Monday after local Chinese authorities downgraded some of their strict COVID policies after public protests last week led to a major shift in Beijing’s commitment to its zero-COVID policy.Įlsewhere, in crypto world, Sam Bankman-Fried said he will testify before the House Financial Services Committee after he finishes "learning and reviewing what happened" in the collapse of FTX, the crypto exchange he founded.ĭani Romero is a reporter for Yahoo Finance.SMEs are less likely to be able to obtain bank loans than large firms instead, they rely on internal funds, or cash from friends and family, to launch and initially run their enterprises. Shares of Salesforce ( CRM) closed down more than 7%. The news comes less than two years after Salesforce bought Slack for $28 billion. He'll be succeed by longtime Salesforce cloud executive Lidiane Jones. Slack co-founder and CEO Stewart Butterfield is stepping down from Salesforce in January, just a week after co-CEO Bret Taylor announced his resignation. In corporate news, Tesla ( TSLA) shares sank more than 6% after Bloomberg reported that the company plans to cut production at its Shanghai factory, the latest sign of weak demand in China. ![]() On Sunday, OPEC+, or the Organization of the Petroleum Exporting Countries and its allies, including Russia, stayed the course on planned production cuts. The yield on the benchmark 10-year Treasury note Monday moved back up past 3.5%, while oil prices fell as new sanctions on Russian energy took effect, with WTI crude settling at $77.33 per barrel. Meanwhile, another batch of third-quarter earnings figures will be out, finishing off the reporting season. “It's fascinating that at the moment the market is focusing squarely on the very strong likelihood that we'll ratchet down to 'only' a 50bps hike next week and extrapolating that level of dovishness rather than focus on any risks that the terminal rate could end up being nearer say 6% than 5%,” Jim Reid and colleagues at Deutsche Bank wrote in an early morning note Monday.
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