IMPACT OF GLOBAL ECONOMIC TRENDS ON SMALL AND MEDIUM SCALE ENTERPRISES

ABSTRACT

The global economy is shaped by a complex interaction of several trends that influence the fates of nations and individuals. The global economy experiences ongoing changes impacted by a variety of factors in a complex interplay. The study is to examine the impact of global economic trends on small and medium scale enterprises in Ovia North Local Government Area of Edo State. Five research questions were raised to guide the study. The review of literature was conducted under different sub headings in order to understand what has been done in the past on the study. The descriptive research design was adopted for the study and 50 SMEs formed the sample population. The questionnaire was validated by three (3) experts from the department of vocational and technical education. The reliability of the instrument was ensured using Cronbach Alpha techniques which yielded a coefficient index of 0.79 which indicated the instrument was reliable. Fifty (50) Questionnaires were administered to the respondent and were retrieved on the spot with 100% return rate. The Data collected was analyzed using mean and standard deviation to answer the research question. In order to interprete the result of the research questions a range scale was used. Any item with mean score greater than 3 and lesser than or equal to 4 was considered as very high extent (VHE). Based on the analysis of the data, the following findings were drawn concerning the research questions. Global economic trends impact small and medium scale enterprises in Ovia North Local Government Area of Edo State to a high extent, Impact of global economic trends on SMEs contribute to job losses or gains in Ovia North Local Government Area of Edo State to a low extent and Global economic trends impact the decision of policy makers on SMEs business owners in Ovia North Local Government Area of Edo State to a high extent. Findings from both quantitative and qualitative analyses are integrated to provide comprehensive insights beneficial for educators, SMEs, and industry practitioners.