How can we explain the boom in start-ups even as the global economy slows dangerously?
Business start-up momentum has fueled the post-pandemic recovery, unlike the global financial crisis – © Freepik
An economic crisis would normally discourage entrepreneurs from starting a business, but the Covid-19 pandemic seems to have given a boost to budding founders around the world. Anecdotes of start-ups started on the corner of the kitchen table, in isolation, are supported by record numbers for business creation at the height of the pandemic. And the strength of this trend continued. Despite the global slowdown, rising interest rates and fragile supply chains, it seems that going it alone is still in vogue: new business creation in many advanced economies continues to exceed pre-pandemic levels.
In all sectors and in all countries
In 2022, the number of new business applications filed by Americans reached 5.1 million, down from a record 5.4 million the previous year, but still more than a 40% increase from 2019. Business creation in France also reached a record level. More than 750,000 companies registered in the UK by March 2021 […]
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