LONDON, May 5, 2021 /PRNewswire/ --In most countries across the world in 2020, there were more people who knew someone who stopped a business than knew someone who started one, according to the Global Entrepreneurship Monitor (GEM) 2020/2021 Global Report.
Among the adults (ages 18-64) from 43 economies, participating in GEM's Adult Population Survey (APS) during the summer of 2020, 43% knew someone who had stopped a business in 2020 as a result of the pandemic, while 25% knew someone who had started a business amid the pandemic.
New GEM Research: 43% of Survey Respondents Know Someone Who Stopped a Business Due to the Pandemic
There was a total of 135,942 respondents with highly varying participation rates between economies. Among many examples of this, 72% of adults in Indonesia knew someone who had stopped a business due to the pandemic, compared to just 16% of adults in Taiwan. In all of the Latin America & Caribbean GEM participating countries except Uruguay, more than half of adults knew someone who started a business as a result of the pandemic, as they did in Indonesia, Angola, Oman and India. In the United States, 22% know someone who started business due to pandemic, while 42% know someone who stopped a business.