The Global Entrepreneurship Monitor (GEM), a consortium of national teams assessing entrepreneurship surveys from around the world, has released its annual list of the top countrues for entrepreneurs in partnership with the World Economic Forum (WEF). For the year 2022, this comparative study of entrepreneurship conditions in 50 nations includes four countries in Africa. The objective is to rate countries according to their capacity to foster entrepreneurialism.
The GEM ranking is based on the findings of the National Expert Poll (NES), a thorough national survey in which more than 2,000 experts from 50 participating nations (a minimum of 36 per country) provide their perspectives on the conditions influencing domestic entrepreneurship. The GEM National Entrepreneurial Context Index (NECI) is calculated by averaging the ratings for 13 framework parameters that indicate how well each country fosters entrepreneurship.
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These circumstances include access to funding for businesses, the adequacy of government policy support, taxes and bureaucracy, and government business initiatives. Additionally, the ranking considers entrepreneurial education, post-secondary entrepreneurial training, research and development transfers, commercial and professional infrastructures, market dynamics, fees and regulations, infrastructure, and finally, social and cultural norms.
Thus, Egypt, ranked 29th in the world, is the best African country in 2022 for starting a new business, scoring 4.4. Morocco, which is Africa’s second best country for entrepreneurs, is ranked 43rd in the world, with 3.9 points. South Africa is ranked 45th globally, with a score of 3.7. Sudan, which is ranked last in the world, is the fourth best African country for entrepreneurs, scoring 3.2 points.
The United Arab Emirates leads the international rankings with a score of 6.8. This ranking is mostly attributable to two factors: a softer legal framework and more liberal social and cultural values.
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Notably, there are additional rankings and information available from international organizations and business periodicals that should be considered before to beginning a new business. Among these are Startups Without Borders’ Attractiveness Index for Startup Visa Programs, TMF Group’s Global Business Complexity Index, and Forbes’ rating of the top nations for business.
You can view the rankings here: https://www.gemconsortium.org/file/open?fileId=50900
countries entrepreneurs Africa countries entrepreneurs Africa
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh