Asian economies rank toward bottom on digital environment for entrepreneurs, ADB's global index shows

MANILA, Sept. 21 (Xinhua) -- Four-fifths of developing Asian economies place toward the bottom in a global ranking of digital environments and support systems for entrepreneurs, according to a new index developed by the Asian Development Bank (ADB) released on Wednesday.

According to the Global Index of Digital Entrepreneurship Systems, released as part of the Asian Development Outlook 2022 Update, Singapore has the world's best digital environment and support system for entrepreneurs,

The index measures the quality of the environment for digital entrepreneurs by looking at the level of digitalization in eight areas: culture, institutions, market conditions, infrastructure, human capital, knowledge, finance, and networking.

The United States ranks second, while Sweden ranks third among 113 economies on the list. But 17 of the 21 developing Asian economies included are ranked toward the bottom, underscoring the need for these economies to nurture digital entrepreneurship.

"Digital entrepreneurship helped economies stay afloat during the COVID-19 pandemic, and it can become a major engine of growth and innovation in the post-pandemic world," ADB Chief Economist Albert Park said.

"For this to happen, there needs to be a supportive environment enabled by conducive policies and incentives," he added.