Colombia | Micro and SMEs, with the potential to add more

Summary

There are 1.7 million formal companies in the country. Micro and SMEs represent 99.5% of formal companies, generate 79% of the country's employment, and contribute close to 40% of the annual GDP.

Key points

• Key points:
• Micro and SMEs are very relevant in the Colombian business apparatus, so it is pertinent to ask how many of them survive and how much they increase in size, since the greater participation of larger companies seems to be positively related to the development of countries.
• Despite recent progress, more needs to be done for Micro and SMEs to contribute more and more to the country's growth.

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