Qatar Ranked Top 10 Countries for Entrepreneurs

According to the research, the State of Qatar ranked ninth in the National Entrepreneurial Context Index (NECI) 2021 and third in the MENA area with a score of 5.5.

It has dethroned a number of industrialized countries, including the United States, France, Germany, Japan, Canada, and the United Kingdom, as a result of its strong policies and favorable economic environment.

In its latest ranking, Indonesia (6.4), Netherlands (6.3), and Taiwan (6.1) secured the top three spots, followed by United Arab Emirates (6.0), India (6.1), Norway (5.7), and Saudi Arabia (5.7).

Following Qatar, South Korea (5.5) and Switzerland (5.4) ranked 10th and 11th on the worldwide ranking, respectively.

The GMI survey looked at the state of entrepreneurship in 50 nations throughout the world. It also graded countries based on their potential to foster new company development.

Policymakers can use the index to learn how to create such an environment. To determine the setting in which entrepreneurial activity occurs in a country, 12 entrepreneurial environment conditions (EFCs) are measured.

Internal market dynamics, financial climate associated to entrepreneurship, and government concrete policies, priorities, and support are among the aspects considered by 36 experts in each nation (a total of 2,000).

Qatar has quickly overcome its challenges, according to the International Monetary Fund. Obstacles in the path of the Covid-19 pandemic.

According to the findings of the survey, Qatar is one of the top countries with the greatest levels of new job expectations.

"The highest levels of new job expectations were in Qatar, Chile, and the United Arab Emirates, with one out of every ten adults starting or running a new firm and expecting to employ six or more people in five years," according to the survey.

The populace of the country has shown a high level of entrepreneurial confidence in the past year, according to the report. In 2021, despite the epidemic, the levels increased even further. Such encouraging figures can be credited to the government's pandemic support initiatives for small business owners, including monies provided by the country's Amir at the start of the Covid-19 pandemic.

In all, more than 73% of Qatar's population recognized strong possibilities to establish a business in the country, up 1% from 2020. Meanwhile, 71% said they possessed the knowledge, abilities, and experience to start a business, up from 68 percent the year before.

Furthermore, high-income nations outperformed middle- and low-income economies on the NECI ratings, according to the report, which also noted that the NECI's global average scores this year were rather low in general.

"A fundamental lesson for governments and organizations promoting entrepreneurship is that, in general, the settings for entrepreneurship in every participating country might be made more conducive to encouraging entrepreneurship," stated Alicia Coduras, coordinator of the GEM National Expert Survey (NES).

"Policymakers and other stakeholders would be wise to examine the current state of the NECI pillars and identify crucial areas that need to be addressed."