I'm J.J. Ramberg, and this is Local to Global, the Power of Small Business, a podcast series from G0's Blue Circle Studio, produced in partnership with MasterCard.

When you hear the phrase small business, something personal might come to mind. The corner store where you grabbed a snack after school as a kid, the handyman who's always around

to help you in a pinch, or maybe it's your hometown newspaper still putting out print

editions every week. These businesses play a role in our everyday lives, but their influence

and importance extend far beyond the communities they're in. Small and medium-sized enterprises

are the hidden engine powering the global

economy. They make up 90% of all businesses globally, and they're responsible for nearly

50% of the global GDP. While it's big corporations who get all the headlines, it's small

businesses that truly keep economies moving. Throughout this podcast series,

we're going to dive into the world of small businesses and explain why they're positioned

to play an even bigger role in the future of the global economy. We're also going to talk about

the rising middle class around the world, a combined market of about 4 billion people,

and what their spending power means for the growth of businesses from Taipei to Toronto and beyond.

To get started today, we're joined by Shamina Singh, founder and president of the MasterCard Center for Inclusive Growth,

and Homicara, senior fellow at the Brookings Institution and the co-founder and chief economist at World Data Lab.

Welcome to both of you.

Thanks for having us.

Thank you, JJ.

Good to be here.

Shamin, I want to start with you.

The impact of small business is not small at all.

They make up 90% of businesses globally.

...