KARACHI: Approximately 63 percent of small and medium-sized businesses (SMBs) in Pakistan are highly optimistic, expressing a positive outlook on the country’s economy over the next 12 months.
According to a survey conducted by Payoneer in collaboration with Oxford Economics, currently, Pakistan’s economy is facing a tough time, however, SMBs have an optimistic outlook on their growth efforts, not only for their business but also for their local economies. There is a growing sentiment in Pakistan’s SMB sector that things are moving in the right direction, it added.
Pakistan is rapidly emerging as a vibrant hub for SMBs with global aspirations. According to Payoneer’s SMB Ambitions Barometer Report 2024, SMBs in Pakistan are increasingly focusing on nurturing local talent while exploring international markets.
The survey covered 3,779 SMB decision-makers globally, including 252 from Pakistan, to examine their progress, goals, and frustrations.
“Overall,63 percent of the SMBs from Pakistan are hopeful and have a more positive outlook on the country’s economy in the next 12 months,” the survey said.
The survey indicates that the local SMBs are flourishing in Pakistan, and in some cases, have even expanded their businesses overseas. Seventy-one per cent of the surveyed local businesses believe that their organizations will increase their revenues in the next 12 months. This optimism reiterates their stance on the economy and also shows the country’s potential for growth in the SMB industry.
Many plan to extend their reach to make their businesses more resilient, boost their revenue, and increase their customer base. Many find that adopting up-to-date technology, especially AI, is key to overcoming some of these barriers and meeting their goals for expansion.
While most SMBs in Pakistan have a focus on expanding internationally, many are staying grounded in their local and regional economies, providing jobs and generating revenue for their communities.
More interesting is the fact that while they plan on expanding their operations overseas, they prefer hiring the local talent, hence generating more economic and job opportunities for the local talent.
The report further states that nearly 78 percent of the respondents from Pakistan cite their businesses as their single source of income. It also correlates the health of the local economies with the performance of the SMBs in Pakistan and as the performances get better, the local economies improve, which in turn, boosts the national economy.
Copyright Business Recorder, 2024
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