<P> Small and medium - sized enterprises (SMEs) or small and medium - sized businesses (SMBs) are businesses whose personnel numbers fall below certain limits . The abbreviation "SME" is used by international organizations such as the World Bank, the United Nations and the World Trade Organization (WTO). </P> <P> SMEs outnumber large companies by a wide margin and also employ many more people . For example, Australian SMEs make up 97% of all Australian businesses, produced one third of total GDP, and employ 4.7 million people . In Chile, in the commercial year 2014, 98.5% of the firms were classified as SMEs . In Tunisia, the self - employed workers alone account for about 28% of the total non-farm employment and firms with fewer than 100 employees account for about 62% of total employment . In developing countries, smaller (micro) and informal firms, have a larger share than in developed countries . SMEs are also said to be responsible for driving innovation and competition in many economic sectors . Although they create more jobs, there is also a majority of job destruction / contraction . </P>

What is the definition of small and medium enterprises
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