Impact of the COVID-19 Pandemic on Micro, Small, and Medium Enterprises (MSMEs): Senegal Country Report
Senegalese Micro, Small, and Medium Enterprises (MSMEs) play a key role in contributing an estimated 40 percent to the GDP and are a major source of employment. Nine out of 10 workers are in informal employment and 97 percent of companies are in the informal sector. As the economy contracted in 2020, MSMEs would need targeted support to build resilience, transform into formal entities, and continue to contribute to the local economy. Still reeling from the effects of the pandemic, MSMEs in Senegal need targeted support.
This study highlights the impact of COVID-19 on MSMEs and their coping strategies. It further provides recommendations for policymakers and financial service providers to support them.