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A World Economic Forum report released today finds that wide-ranging investment in upskilling has the potential to boost GDP by $6.5 trillion by 2030 A.
Accelerated investment in upskilling and reskilling of workers could add at least $6.5 trillion to global GDP, create 5.3 million (net) new jobs by 2030 and help develop more inclusive and sustainable economies worldwide, said a WEF report.
In the wake of the COVID-19 pandemic, small businesses in least developed countries (LDCs) are seeing revenues plummet and are struggling to access financing.
Many LDCs depend on foreign aid, and are fearful that cuts to aid budgets will further set back their economic development.
It’s crucial that aid funding is spent as effectively as possible to attract more private investment to LDC small businesses.
The private sector is ready. Funds such as the SDG500 are already supporting small businesses in LDCs to remain afloat.
Small businesses in the world’s least developed countries (LDCs) are facing enormous challenges. Many have been left cash-strapped due to plummeting revenues during national and global COVID-19 lockdowns. Banks and other financiers have slashed lending at a time when small businesses need it most. And other forms of finance and credit are thin on the ground, making it nearly impossible for them to grow and build financial resilience.