Financing SMEs and Entrepreneurs 2024
An OECD Scoreboard
Since 2020, a series of shocks to the global economy has had significant impacts on small and medium-sized enterprises (SMEs) and entrepreneurs and their access to finance. Most recently, significant inflationary pressures have led to tighter lending conditions, limiting the flow of finance to SMEs and acting as a barrier to investment. Financing SMEs and Entrepreneurs 2024: An OECD Scoreboard monitors SME and entrepreneurship financing trends, conditions and policy developments in close to 50 countries. It documents a strong increase in the cost of SME financing in 2022, alongside a significant decline in SME lending. Equity finance also fell sharply in 2022, after a year of historically high growth in 2021. Women-led and minority-owned businesses, which typically find it more difficult to access venture capital financing, were affected disproportionately. Against this backdrop, the Scoreboard highlights the recent measures governments have taken to support SME access to finance, including finance for the green transition. A continued focus on diversifying financial sources and instruments will be important to meet the different needs of all types of SMEs and entrepreneurs, and enable them to act as an engine of resilient, sustainable and inclusive growth.
Also available in: French
Korea
In 2022, the Korean economy experienced weakened growth attributed to sluggish exports and external challenges despite improved domestic consumption. In 2023, the economic outlook predicted a continued slowdown due to global economic challenges, rising market interest rates, and the need for cautious macroeconomic policies and financial stability measures, especially concerning potential defaults in real estate and corporate debt.
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