Saudi Arabia and Indonesia Lead Countries with Highest Business Opportunities in 2022

Global Entrepreneurship Monitor: Arab Saudi and Indonesia Lead Countries with Highest Business Opportunities in 2022 (photo: Hunters Race - Unsplash)
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The latest release from the Global Entrepreneurship Monitor (GEM) Consortium has provided insights into the countries with the highest business opportunities last year. The report highlights that Saudi Arabia claimed the top position, followed by Indonesia in second place.

According to the GEM report, 89.5% of respondents saw good business prospects in Saudi Arabia, making it the country with the highest business opportunity.

However, there were still 63.3% of respondents in the country who were reluctant to do business due to stricter and more complex business regulations.

Indonesia followed in second place with 87.2% of respondents identifying business opportunities in the country. The number of respondents who were hesitant to start a business was only 36.8%, reflecting the relatively relaxed and straightforward business regulations. Nevertheless, there are still some challenges related to bureaucracy in opening businesses in Indonesia.

Qatar came third with 81% of respondents identifying good business prospects in the country, while 43% of them were still hesitant to start a business. Meanwhile, Togo recorded 77.2% of respondents seeing business opportunities, with 40.6% of them expressing fear in starting a business.

Sweden had 76.7% of respondents recognizing business opportunities in the country, but 41.5% of them were still reluctant to start a business. Oman followed with 75.7% of respondents seeing opportunities for starting a business, while 33.3% of respondents expressed reluctance to start a business.

In India, 75.5% of respondents saw business opportunities, with 54% of them expressing fear of starting a business. Norway ranked eighth with 73.6% of respondents identifying good business prospects in the country. However, 41% of respondents were still hesitant to start a business in Norway.

It’s worth noting that GEM Consortium conducted this survey on 170,000 respondents across 49 countries, including Indonesia in 2022. The 49 countries represented two-thirds of the global population last year, making this a comprehensive and informative report for policymakers, investors, and entrepreneurs alike.