How policy shifts can make SMEs compete effectively Summary It is no secret that small and medium enterprises (SMEs) play a major role in spurring economic growth and development. The SMEs, often owned by a single or a small team of entrepreneurs, are a driving force in job creation and local economic development in emerging economies. They are key sources of originality, dynamism, innovation, and flexibility. According to a World Bank publication, SMEs account for the majority of businesses worldwide. Tuesday July 06 2021 By ENOS AUCH Summary It is no secret that small and medium enterprises (SMEs) play a major role in spurring economic growth and development.