ThE FInAnCIAL CRISIS hAS hAD A MIxED IMPACT on SMES Despite the difficulties in comparing cross-country data owing to the lack of consistent definitions of SME status, it is clear that the global financial crisis, and the ensuing global economic downturn, worsened the performance of SMEs around the world. Many have faced serious challenges in accessing finance owing to the banking system’s tightening of lending criteria. Despite this, recent studies have shown that in many countries – particularly high-income ones – a significant proportion of SMEs have thrived despite the tough macroeconomic conditions. Even so, the benefits of such partial recovery have yet to be felt in terms of employment and the scenario is unlikely to change in the short to medium term.