Small-, medium-sized enterprises increasingly important to growth of Canadian economy: BMO
SMEs now account for 75 per cent of Canada's net employment growth, 60 per cent of all jobs
MISSISSAUGA, Ont.—The Canadian federal government estimates small- and medium-sized enterprises (SME) now account for 75 per cent of Canada’s net employment growth, according to BMO.
Defined as having between 100 and 500 employees, SMEs have become increasingly important contributors to Canada’s economic health, also accounting for 45 per cent of gross domestic product (GDP) and 60 per cent of all jobs in the economy.
“Compared to large corporations, these businesses tend to be more flexible, resourceful and innovative,” BMO Corporate Cards director Eric Hart said in a statement. “However, business owners report being time-starved and are always looking for more efficient ways to manage their business so they can capitalize on these strengths.”
According to BMO, members of Financial Executives International (FEI)-Ontario, are meeting in Mississauga to discuss how SMEs can drive future economic growth in Canada.