The importance of micro, small, and medium-size enterprises (MSMEs) to economic development and job creation is increasingly recognized. In developing countries, formal MSMEs represent approximately 45 percent of employment and approximately 33 percent of GDP. This is even greater when informal MSMEs are included. Despite their importance, this report finds that the total unmet need for credit by all formal and informal MSMEs in emerging markets today is significant – in the range of $2.1 trillion to $2.5 trillion. This report offers the first comprehensive assessment of the global MSME credit gap, including key insights regarding the somewhat bifurcated nature of the challenge that the MSME credit gap represents. It also gives some implications for public- and private-sector actors as they seek to close that gap.