4 economies, and interest rates are many times higher, too. MSMEs in emerging economies 5 cite credit constraints as the biggest obstacle to their growth. Exhibit E2 Micro, small and medium-sized enterprises across developing regions cannot access the credit they need to grow 2013 Advanced % of MSMEs MSMEsunserved or MSMEsunserved or economies unserved or underserved underserved by credit underserved by credit services (% of total MSMEs) services (million) <50 >70 Credit gap ($ billion) Latin Africa and Eastern Europe South Southeast China America Middle East and Asia Asia Central Asia 52% 53% 51% 48% 51% 49% 27 35 11 35 39 51 $620B $528B $323B $170B $175B $338B 200 million $2.2 trillion total number of unserved or underserved MSMEs total credit gap SOURCE: SME Finance Forum; McKinsey Global Institute analysis 4 Era Dabla-Norris at al., Distinguishing constraints on financial inclusion and their impact on GDP, TFP, and inequality, NBER working paper number 20821, January 2015. REPEATS in report 5 Small and medium enterprise finance: New findings, trends and G-20/Global Partnership for Financial Inclusion progress, Global Partnership for Financial Inclusion and International Finance Corporation, 2013. 4 McKinsey Global Institute Executive summary