Baltic nation Lithuania was the second of three European countries in the top 10 for entrepreneurship globally, also receiving an overall NECI score of 5.8 – down from 6.1 in 2021. One of the smaller economies on this list, two in five new entrepreneurs had business clients based beyond its borders. Additionally, the country saw one of the four lowest levels of entrepreneurs starting or running a new business who expected to use more digital technologies to sell their products – one of only two on this list to fall in this group.
The country’s strengths were found by the study to particularly lie in Physical Infrastructure (7.7), with all other Framework Conditions scoring above 5, except for Entrepreneurial Education at School (4.8). 10 of the 13 conditions fell in rating year-on-year, with the largest falls being for Ease of Entry: Burdens and Regulation, and for Physical Infrastructure. Despite this, Lithuania still had 10 framework conditions ranked in the top 10 of the 51 participating economies in 2022.
In terms of prospective entrepreneurial activity, less than one in five of Lithuania’s adults said they intended to start a business in the next three years, while around a half knew someone who had started their own company recently.