EMERGING ECONOMIES IN FOCUS: ENTREPRENEURIAL CONTRIBUTIONS TO ECONOMIC RANKINGS IN DEVELOPING COUNTRIES

Abstract

The objective of this research is to rank the performance of individual countries based on metrics related to economic growth and the entrepreneurial environment. An important factor in determining a country's economic progress and success is entrepreneurship. Comprehensive research was used to accomplish the goals of the study, including a thorough literature review, the collection of relevant secondary data, and a thorough analysis. The global entrepreneurship index (GEI), a prominent rating system that assesses entrepreneurial activity worldwide, served as the source of data for this study. The Global Entrepreneurship Monitor (GEM), a reputable organisation that provides useful information on a variety of parameters for ranking purposes, is the primary source of data used by the GEI. This study's research methodology, which uses a multicriteria decision-making approach, guarantees a thorough evaluation of entrepreneurship in the chosen nations. Firstly, a literature review was conducted to gain a holistic understanding of the subject matter to identify areas that require further investigation. Next, secondary data related to entrepreneurial environment and economic growth were collected from reputable sources using four indicators startup skills, opportunity startup, product innovation and process innovation. Grey relational analysis (GRA) is selected as a significant scientific research tool for data analysis. Countries were classified according to their GRA performance and assigned various ensigns such as "much better," "better," "somewhat better," "fair," "somewhat worse," and "worse." The top twelve countries out of 88 were regarded as "much better". The remaining countries are ordered accordingly. This research has several consequences and makes valuable recommendations. The findings and recommendations of this study add significantly to the current literature on the entrepreneurial environment and economic growth, providing valuable insights. As governments aspire for economic progress, fostering a healthy entrepreneurial ecosystem will remain critical for long-term growth and prosperity.

Keywords: Entrepreneurship, Economic growth, developing countries, Global entrepreneurship index, Grey relational analysis.