Context:

SMEs represent approximately 50% of world GDP and due to the Covid-19 pandemic, they have been severely affected. This document provides an overview of the factors that affected the economy of SMEs and presents some solutions to maintain their operation in times of difficulties.

Methodology:

The elaboration of the manuscript is supported in relevant literature published between 2019-2021. The search strategy was applied through the databases EMBASE, WEB OF SCIENCES, SCOPUS under key search terms COVID-19, pandemic, small enterprises, medium-sized enterprises, global economic, economic growth, developing countries, emerging economies, economic impact, financial fragility, government action*, credit risk, travel restriction*, e-commerce, digital technologie*, digital transformation, emerging market*, supply chain*, small business. Subsequently, the document classification and analysis were carried out through the Raceer method (compilation, storage, conceptual schematic elaboration, link of informative units, writing).

Results:

The analysis of the relevant information revealed that the economy of SMEs played an important role in the sharp drop in GDP and in the increase in poverty and unemployment levels worldwide, and that those that wanted to remain in operation, they had to reinvent themselves and dabble in new business strategies.

Conclusions:

The pandemic generated by Covid-19 produced significant changes in purchasing habits, manufacturing methods and ways of working that seriously impacted the performance of SMEs. To deal with this new economic scenario, technology and innovation are expected to lead to new rapidly adapting business models.