This article examines the role of small and medium-sized enterprises (SMEs) as a cornerstone of modern economic development. Drawing upon global practices and Uzbekistan’s recent reforms, it explores the contribution of SMEs to employment generation, innovation, and GDP growth. The paper provides a comparative analysis of SME performance across major economies (United States, European Union, China, Japan, India) and evaluates the latest official indicators for Uzbekistan using statistics from the Agency of Statistics under the President of the Republic of Uzbekistan (stat.uz). Two empirical charts visualize global and national patterns, and policy recommendations are offered to deepen SME impact on growth and inclusion.