The Southeast Asian island country of Indonesia is another economy that received the NECI score of 5.8, having experienced strong GDP growth in 2022 following the pandemic. The past year also saw the issuing of Presidential Regulation Number 2 on National Entrepreneurship Development, stipulating facilities, incentives and recovery measures for entrepreneurs.

The Group C income country’s Framework Condition scores had fallen most compared to its last participation in 2020 for Entrepreneurial Education Post-School, Government Entrepreneurial Programs and for Research and Development Transfers. The GEM study cites political priorities elsewhere, as opposed to the pandemic, as a key factor in these declines due to the economy’s well sufficient score of 6.4. On the flipside however, national entrepreneurial strengths were found in Ease of Entry: Market Dynamics (7.0) and Physical Infrastructure (6.8).

In terms of entrepreneurial activity, the share of Indonesian adults investing in someone else’s new business more than doubled since 2020, from 6 per cent to 14 per cent, while the proportion intending to start a new business in the next three years rose from 28 per cent to 33 per cent. Additionally, Indonesia is the second country on this list with Qatar – and one of just four in total – where female entrepreneurs outnumber male business owners.