The Asian Development Bank (ADB) has unveiled its latest edition of the Asia Development Forecast 2022 report, focusing on “Entrepreneurship in the Digital Era.” In a groundbreaking revelation, Singapore has emerged as the global leader in fostering a supportive environment for digital entrepreneurship. This recognition comes as ADB introduces the Global Index of Digital Entrepreneurship Systems (GIDES), shedding light on the conducive domestic ecosystems for digital startups in different countries.
GIDES assesses and ranks nations based on the adaptability of their societies and economies to the digital age. This index encompasses factors that contribute to a thriving entrepreneurial ecosystem within the digital landscape. The comprehensive evaluation covers 113 countries and territories, serving as a benchmark for policymakers and stakeholders.
Singapore’s digital entrepreneurship environment secured the top spot on the global index, boasting a remarkable score of 81.3 out of 100. The United States trailed closely in the second position, while Sweden, Denmark, and Switzerland followed suit in the subsequent ranks.
Turning the spotlight to Thailand, the nation ranked 59th with a score of 25.9. Malaysia positioned itself at 27th with a score of 43.1, while China occupied the 39th place with a score of 35.3. Vietnam secured the 63rd spot with a score of 23.1, while Indonesia stood at the 71st position with a score of 20.4.Zooming into the Asian context, Thailand earned the 8th rank in terms of digital entrepreneurial support. Singapore remained unbeatable at the pinnacle, with South Korea, Malaysia, and China rounding out the top five. The list continued with Georgia, Kazakhstan, Armenia, Azerbaijan, and Vietnam, occupying the succeeding positions.
In the report, ADB underscored the transformative role of the digital economy era for entrepreneurs. Amid the challenges posed by the COVID-19 pandemic, information and communication technology has provided a lifeline for businesses during lockdowns. The agility and resilience demonstrated by entrepreneurs leveraging digital tools have proven instrumental in navigating the economic hurdles caused by the pandemic. The report underscores that the flexibility inherent in conducting business in the digital age not only bolsters the economy but also positions itself as a potent engine for future economic growth beyond the pandemic.