JOURNAL OF IQRO – ЖУРНАЛ ИҚРО – IQRO JURNALI – olume 18, issue 02, 2025
ISSN: 2181-4341, IMPACT FACTOR ( RESEARCH BIB ) – 7,245, SJIF – 5,431
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Akhmadjono Khojiakba Kodi jon ugli
The s uden o Banking and Finance Academy o Uzbekis an
THE IMPORTANCE OF SMALL AND MEDIUM ESTABLISHMENTS IN THE
DEVELOPMENT OF THE ECONOMY
Abs ac :This a icle examines he ole o small and medium-sized en e p ises (SMEs) as a
co ne s one o mode n economic de elopmen . D awing upon global p ac ices and Uzbekis an’s
ecen e o ms, i explo es he con ibu ion o SMEs o employmen gene a ion, inno a ion, and
GDP g ow h. The pape p o ides a compa a i e analysis o SME pe o mance ac oss majo
economies (Uni ed S a es, Eu opean Union, China, Japan, India) and e alua es he la es o icial
indica o s o Uzbekis an using s a is ics om he Agency o S a is ics unde he P esiden o he
Republic o Uzbekis an (s a .uz). Two empi ical cha s isualize global and na ional pa e ns, and
policy ecommenda ions a e o e ed o deepen SME impac on g ow h and inclusion.
Keywo ds: small and medium en e p ises, en ep eneu ship, economic g ow h, inno a ion,
employmen , Uzbekis an, global economy, s a e policy.
In oduc ion. Small and medium-sized en e p ises (SMEs) a e ecognized as key engines o
balanced and inclusi e g ow h. Ac oss ad anced and eme ging economies alike, SMEs unde pin
job c ea ion, compe i ion, inno a ion di usion, and egional de elopmen . In Uzbekis an, SME
de elopmen has become a s a egic p io i y, wi h e o ms ocused on simpli ying axa ion,
imp o ing access o inance, s eng hening p ope y igh s, and accele a ing digi al adop ion.
Li e a u e Re iew. The Wo ld Bank and IFC consis en ly epo ha SMEs accoun o abou
90% o i ms and oughly hal o global employmen , while con ibu ing a ound hal o wo ld
GDP on a e age. OECD analyses u he emphasize ha SME ecosys ems h i e when inance,
inno a ion, ade acili a ion, and skills policies wo k in andem. In de eloping economies,
a ge ed c edi gua an ees, expo p omo ion, and digi aliza ion p og ams ha e p o ed especially
impac ul.
Global O e iew and Compa a i e Analysis. SMEs domina e he i m popula ion wo ldwide
and con ibu e ma e ially o GDP and employmen , hough magni udes a y by egion and
measu emen . In he Uni ed S a es, small businesses accoun o app oxima ely 43.5% o GDP
and employ abou 46% o wo ke s (U.S. SBA, 2024). In he Eu opean Union, SMEs gene a e a
majo i y sha e o alue added in he non- inancial business sec o and emain pi o al o
employmen and inno a ion (Eu opean Commission, 2023). China epo s ha SMEs con ibu e
oughly 60% o GDP and abou hal o ax e enue, highligh ing hei cen ali y o g ow h,
expo s, and u ban employmen .
In e na ional compa isons also e eal di e ing s uc u al oles. In Japan, SMEs his o ically
ep esen a ound 55% o alue added and nea ly 70% o p i a e employmen , unde sco ing hei
ounda ional place in supply chains. India’s MSME sec o con ibu es abou one- hi d o GDP
and mo e han 45% o expo s, e lec ing apid o maliza ion and in eg a ion in o domes ic and
global ma ke s. Such di e ences a ise om sec o al composi ion (manu ac u ing s. se ices),
i m size dis ibu ion, p oduc i i y gaps wi h la ge i ms, and he ma u i y o inance and
inno a ion sys ems.
Policy amewo ks a e con e ging on a ew pilla s: (i) easing access o inance h ough c edi
gua an ees and in ech-enabled lending; (ii) enabling SME in e na ionaliza ion ia ade
JOURNAL OF IQRO – ЖУРНАЛ ИҚРО – IQRO JURNALI – olume 18, issue 02, 2025
ISSN: 2181-4341, IMPACT FACTOR ( RESEARCH BIB ) – 7,245, SJIF – 5,431
www.wo dlyknowledge.uz ILMIY METODIK JURNAL
acili a ion and e-comme ce; (iii) boos ing inno a ion capaci y h ough incuba o s, ech pa ks,
and R&D incen i es; and (i ) closing skills gaps wi h oca ional and digi al aining. OECD and
Wo ld Bank e iews s ess ha bundling hese le e s yields s onge p oduc i i y e ec s han
isola ed in e en ions.
Figu e 1. Global SME Con ibu ion o GDP (Selec ed Economies, la es a ailable ~2023).
Sou ces: U.S. SBA O ice o Ad ocacy (2024); Eu opean Commission Annual Repo on
Eu opean SMEs (2023); EU SME Cen e (China, 2025); Go e nmen o India—PIB (2024/2025);
s a .uz (Uzbekis an, 2023).
SME De elopmen in Uzbekis an (2023–2024). Acco ding o he Agency o S a is ics unde he
P esiden o he Republic o Uzbekis an, small business en i ies accoun ed o 51.2% o GDP in
2023. Fo Janua y–June 2024, he sha e eco ded 47.5% ( e lec ing wi hin-yea seasonali y),
while Janua y–Sep embe 2024 da a poin o 53.8%. These igu es con i m ha SMEs
consis en ly gene a e abou hal o na ional alue added.
Employmen and sec o al s uc u e: SMEs domina e employmen , pa icula ly in ag icul u e,
cons uc ion, and se ices. Recen s a is ical eleases indica e ha he SME sha e in sec o al
ou pu is especially high in ag icul u e, o es y and ishe ies (nea 97%), and emains subs an ial
in cons uc ion and se ices. Indus ial SME ou pu exceeded a hi d o o al indus ial p oduc ion
in ecen eleases, e idencing ongoing di e si ica ion.
Expo s and inance: Uzbekis an’s SME policies ocus on expo p omo ion (ce i ica ion,
logis ics, ade inance), digi aliza ion ( ax e- iling, e-comme ce), and access o inance
(concessional lending and c edi gua an ees). Public p og ams a e complemen ed by mul ila e al
suppo (ADB Asia SME Moni o ) and domes ic ini ia i es p omo ing you h and women’s
en ep eneu ship.
JOURNAL OF IQRO – ЖУРНАЛ ИҚРО – IQRO JURNALI – olume 18, issue 02, 2025
ISSN: 2181-4341, IMPACT FACTOR ( RESEARCH BIB ) – 7,245, SJIF – 5,431
www.wo dlyknowledge.uz ILMIY METODIK JURNAL
Regional dynamics: G ow h o SMEs has been b oad-based, wi h ib an ac i i y in Tashken
Ci y and egions such as Sama kand and Fe gana, while policy a en ion con inues o add ess
in as uc u e and skills bo lenecks in less-connec ed a eas. O e he medium e m, g een and
digi al ansi ions a e expec ed o u he aise SME p oduc i i y and expo eadiness.
Figu e 2. Uzbekis an—SME Sha e o GDP, ecen da a poin s (2019–2024 whe e a ailable).
Sou ces: s a .uz p ess eleases: 'IX. Small business en i ies' (Jan–Dec 2023), GDP bulle in (Jan–
Jun 2024), and analy ical no e (Jan–Sep 2024).
Challenges and Policy Recommenda ions. Key cons ain s pe sis : colla e al-hea y lending
p ac ices, une en inno a ion capaci y, expo ma ke ic ions (s anda ds, logis ics), in o mali y,
and in as uc u e gaps in lagging egions. P io i ies include: scaling c edi gua an ees and
al e na i e da a o SME c edi sco ing; s eng hening expo se ices and supplie de elopmen
p og ams; deepening uni e si y–indus y linkages; and accele a ing g een and digi al adop ion.
Conclusion. SMEs a e pi o al o economic di e si ica ion, employmen , and inno a ion
wo ldwide. Uzbekis an’s expe ience—whe e SMEs consis en ly gene a e abou hal o GDP—
illus a es he payo om sus ained e o ms. Con inued in es men s in inance, ade, skills, and
echnology will u he unlock SME p oduc i i y and help embed he sec o in global alue
chains.
Re e ences (selec ed open sou ces):
1. Wo ld Bank – SME Finance: h ps://www.wo ldbank.o g/en/ opic/sme inance
2. U.S. SBA O ice o Ad ocacy (2024) – FAQ: Small businesses a e 43.5% o GDP:
Eu opean Commission – Annual Repo on Eu opean SMEs 2022/2023 (PDF): h ps://single-
ma ke -economy.ec.eu opa.eu/sys em/ iles/2023-
08/Annual%20Repo %20on%20Eu opean%20SMEs%202023_FINAL.pd
JOURNAL OF IQRO – ЖУРНАЛ ИҚРО – IQRO JURNALI – olume 18, issue 02, 2025
ISSN: 2181-4341, IMPACT FACTOR ( RESEARCH BIB ) – 7,245, SJIF – 5,431
www.wo dlyknowledge.uz ILMIY METODIK JURNAL
3. EU SME Cen e (2025 upda e) – China SMEs con ibu e ~60% o GDP:
h ps://www.eusmecen e.o g.cn/publica ions/sme-policy-en i onmen - epo -2025-upda e/
4. Go e nmen o India – PIB (2024/2025) MSME sha e o GDP and expo s:
h ps://www.pib.go .in/P essReleasePage.aspx?PRID=2035073
5. Uzbekis an s a is ics (s a .uz) – IX. Small business en i ies (2023):
h ps://s a .uz/ iles/428/cho aklik-na ijala -yan a -dekab 2023en/3181/9Small-business.pd
6. Uzbekis an s a is ics (s a .uz) – GDP bulle in Jan–Jun 2024:
h ps://s a .uz/ iles/460/qua e ly epo sjanua yjune/3420/1GROSS-DOMESTIC-PRODUCT.pd
7. Uzbekis an s a is ics (s a .uz) – Analy ical no e Jan–Sep 2024:
h ps://s a .uz/img/ishbila monlikdan-eng-mb-p ess- eliz_p86983.pd
8. ADB Asia SME Moni o – Uzbekis an: h ps://da a.adb.o g/media/13351/download
