亞洲開發(fā)銀行（ADB）：數(shù)字化、創(chuàng)業(yè)生態(tài)體系質(zhì)量和經(jīng)濟(jì)韌性之間的關(guān)系：新冠肺炎疫情期間的一項(xiàng)跨國對比分析

THENEXUSBETWEENDIGITALIZATION,

ENTREPRENEURIALECOSYSTEMQUALITY,

ANDECONOMICRESILIENCE

ACROSS-COUNTRYANALYSISDURINGTHECOVID-19PANDEMIC

Yeng-MayTan,ErkkoAutio,GemmaEstrada,DonghyunPark,andGaziSalahUddin

N0.716

ADBECONOMICS

=*=*****E****=*E*#E*EFEFHEFEF#F#F*F#E

February2024

WORKINGPAPERSERIES

ASIANDEVELOPMENTBANK

ADBEconomicsWorkingPaperSeries

TheNexusbetweenDigitalization,EntrepreneurialEcosystemQuality,andEconomicResilience:ACross-CountryAnalysisduringtheCOVID-19Pandemic

Yeng-MayTan,ErkkoAutio,GemmaEstrada,

DonghyunPark,andGaziSalahUddin

No.716|February2024

TheADBEconomicsWorkingPaperSeries

presentsresearchinprogresstoelicitcommentsandencouragedebateondevelopmentissuesinAsiaandthePacific.Theviewsexpressed

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tsBoardofGovernorsorthegovernmentstheyrepresent.

Yeng-MayTan(ymtan@.my)isanassistant

professoroffinanceattheXiamenUniversity

Malaysia.ErkkoAutio(erkko.autio@imperial.ac.uk)

saprofessorandChairinTechnologyVenturingat

lmperialCollegeBusinessSchool.GaziSalahUddin

(gazi.salah.uddin@liu.se)isanassociateprofessor

atLink?pingUniversity.GemmaEstrada(gestrada@

)isasenioreconomicsofficerandDonghyun

Park(dpark@)isaneconomicadvisorat

theEconomicResearchandDevelopmentImpact

Department,AsianDevelopmentBank.

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ABSTRACT

Informationandcommunicationtechnologyordigitaltechnologyhelpedentrepreneurssurvivethecoronavirusdisease(COVID-19)restrictions.Forinstance,theyshiftedtoonlinesalesinthefaceofstringentlockdownsandmobilityconstraints.Theenhancedresilienceofentrepreneurs,inturn,contributedtotheresilienceofthebroadereconomy.Thisstudyexplorestherelationshipbetweenthequalityofacountry'sdigitalentrepreneurialecosystem,measuredbytheGlobalIndexofDigitalEntrepreneurshipSystems(GIDES),anditseconomicperformanceduringtheCOVID-19pandemic.Basedonacross-countryanalysisof100globaleconomies,wefindapositiveassociationbetweenGIDESandeconomicperformanceduringthepandemic.Thissuggeststhatthequalityofacountry'senvironmentfordigitalentrepreneurscanstrengthenitseconomic

resilienceeveninthefaceofmajorshocks.

Keywords:digitalentrepreneurship,digitalization,entrepreneurialecosystem,

economicresilience,COVID-19,GiobalIndexofDigitalEntrepreneurshipSystems(GIDES)

JELcodes:L26,L86,F62

1.Introduction

Entrepreneurship,ortheactivityofstartingandrunningabusiness,isvitalforeconomicgrowthanddevelopment.Theadventofinformationandcommunicationtechnology(ICT)ordigitaltechnologyhassignificantlyreducedthecostofentrepreneurship.Forinstance,ICTenablesentrepreneurstostartabusinesswithoutexpensivephysicalstores,outsourceawiderangeofactivities,andreachlargenumbersofpotentialcustomersatlowcosts.DigitalorICT-enabledentrepreneurshiphasblossomed,evidentintherapidgrowthofcompaniessuchasAlibaba,Amazon,andGoogle,whichhavebecomesomeofthebiggestcompaniesintheworld.Inaddition,duringthecoronavirusdisease(COVID-19)pandemic,ICTcontributedgreatlytotheresilienceofentrepreneurs,which,inturn,contributedtotheresilienceoftheeconomyasawhole.Forexample,ICTenabledentrepreneurstoshifttheirsalesonlinewhenlockdownsandcommunityquarantines

severelyrestrictedin-storesales,thusenablingthemtoremaininbusiness.

SuchcontributionofdigitalentrepreneurshiptoeconomicresiliencesuggeststhatcountrieswithbetterenvironmentsfordigitalentrepreneurswouldcopebetterinthefaceofbigshockssuchastheCOVID-19pandemic.Thecentralobjectiveofourpaperistoempiricallyanalyzewhetherbetterdigitalentrepreneurshipecosystemsstrengthenedeconomicresilienceduringthepandemic.Todoso,weperformacross-countryeconometricanalysisof100globaleconomies.Ourmeasureofeconomicresilienceistheextenttowhichactualgrossdomesticproduct(GDP)growthduringthepandemicfellshortoftheforecastGDPgrowth.Thesmallertheshortfall,thegreatertheeconomy'sresilience.Themaincontributionofourpapertotheliteratureisthatitisthefirstattempt

toempiricallyanalyzetherelationshipbetweenthequalityofacountry'senvironmentfor

2

digitalentrepreneursanditseconomicresilience.Thelackofearlierstudiesisprobably

duetothelackofdataonthequalityofdigitalentrepreneurshipenvironment.

Inthispaper,weusetheGlobalIndexofDigitalEntrepreneurshipSystems(GIDES),anewlydevelopedindex,tomeasurethequalityofaneconomy'sdigitalentrepreneurialecosystem.PleaserefertothebackgroundpaperfortheAsianDevelopmentOutlook2022Updateforadetailedexplanationofhowtheindexwasconstructed(ADB2022,Autioetal.2022).GIDESallowsustoempiricallyassesstherelationshipbetweenthequalityofdigitalentrepreneurshipsystemandeconomic

resilience.

Covering113economiesandusing103indicators,GIDESassessesthequalityofacountry'sdigitalframeworkconditionsforentrepreneurialactivitiesatthecountrylevel.Itfocusesoncapturingdigitalizationinsocietyandeconomyandisguidedbytwoframeworkconditions:GeneralFrameworkConditions(GFC)andSystemicFrameworkConditions(SFC).Theseconditionsarefurtherbrokendownintoeightpillarsthatfall

undereitherofthetwoframeworks.

TheGFCdescribesthegeneralcontextofaneconomy'sentrepreneurshipandfocusesonfourkeyareas:(i)cultureandinformalinstitutions;(ii)formalinstitutions,regulations,andtaxation;(ii)marketconditions;and(iv)physicalinfrastructure.Ontheotherhand,theSFCnarratestheresourceprovisiondirectlyconnectedwithvariousphasesofentrepreneurialdevelopment.ThefactorsunderSFCare(i)humancapitalandtalent,(ii)knowledgecreationanddissemination,(ii)finance,and(iv)networkingandsupport.Insummary,acountry'sgeneralconditionsregulatehowsystematicconditions

facilitatedifferentlifecyclestagesofentrepreneurship,includingstand-up,start-up,and

3

scale-upentrepreneurship.Therefore,thedigitalentrepreneurshipecosystemindexcomprisesatotalof16pillars,ofwhich4areunderGFCand12underSFC.Foreachpillar,acorrespondingdigitalweightiscalculatedtoaccountforthecountry-leveldigitalconditionsrelevanttoitsentrepreneurshipecosystem.Furthermore,anon-digitalizedversion,representingthephysicalconditionoftheentrepreneurshipecosystem,iscomputedtofacilitatecomparisonalongsidethedigitalizedversion.Lastly,thecountry'scompositeGIDESscoreiscalculatedasthebottleneck-correctedaverageofGFCandSFCdigitalizedversions.Figure1reproducesthestructureandframeworkofGIDESfor

illustrativepurposes.

Figure1:StructureoftheGlobalIndexofDigitalEntrepreneurshipSystems

DigitalizationConditions

GeneralFrameworkConditions

FormalInstitutions,

regulation,andtaxation

SystemicFrameworkConditions

Knowledgecreation

anddissemination

Stand-Up

Start-Up

Scale-Up

CultureandInformalInstitutions

Networkingandsupport

PhysicalInfrastructure

HumanCapital

MarketConditions

Financ

Source:AdaptedfromAutioetal.(2022,Figure6).

4

Theremainderofthepaperisorganizedasfollows:Section2discussestherelevantliterature.Section3describesthedataandempiricalframework.ResultsandfindingsarediscussedinSection4.Section5concludesanddiscussespolicy

implications.

2.LiteratureReview

Whiletherehasbeenanoticeableriseinscholarlyworksfocusingonthelinkbetweenentrepreneurshipandeconomicgrowthovertime,theexistingresearchremainssomewhatfragmentedanddispersedacrossvarioussources.Theexistingbodyofresearchinthefieldpredominantlyconcentratesoncross-sectionalanalysisandfocusesondevelopedcountries,oftenrelyingontheGlobalEntrepreneurshipMonitor(GEM)data(Kim,Castillejos-Petalcorin,etal.2022).Generally,empiricalevidencepointstowardapositiveassociationbetweenentrepreneurialactivityandeconomicgrowth.Itisconceivablethatawell-functioningentrepreneurialenvironmentcanenhanceaneconomy'soveralltotalfactorproductivity(ADB2022).Encompassing18developedmarkets,Acsetal.(2005)arguethatentrepreneurialactivityfosterseconomicgrowth.Furthermore,stronginstitutionsareshowntoinfluencegrowthpositively(Urbanoetal.2019)byfacilitatingproductiveentrepreneurship(AcemogluandJohnson2012),sociallyproductiveentrepreneurship(BaumolandStrom2007),andinnovativeentrepreneurship(ADB2020).Additionally,StamandvandeVen(2021)demonstrateapositivelinkbetweenhigh-growthfirmsandthequalityoftheentrepreneurialecosystem.Despitethesomewhatconsistentrelationshipbetweenentrepreneurialactivityandeconomicgrowth,variousstudieshavereportedmorenuancedanddiversefindings.WhileSalgado-banda

(2007)considers22OrganisationforEconomicCo-operationandDevelopment(OECD)

5

countries'entrepreneurshipandfindsapositiverelationshipbetweentheproposedmeasureofproductiveentrepreneurship,theauthorreportsanegativeornullinfluenceoneconomicgrowthwhenusingself-employmentdata.With44countries'data,ValliereandPeterson(2009)documentthathigh-performingentrepreneurscontributesubstantiallytoeconomicgrowthindevelopedeconomiesbutnotemergingmarkets.Kim,Castillejos-Petalcorin,etal.(2022)donotfindevidenceofapositivelinkbetweeneconomicgrowthandtotalentrepreneurshipusingtheGEMdatabase,1thoughreportapositiveassociationbetweenopportunity-drivenentrepreneurshipandgrowthfordevelopingeconomies.Tosumup,thecurrentresearchhadnotyetyieldedconclusiveevidenceestablishingaconsistentrelationshipbetweenentrepreneurshipandeconomicgrowth,particularlyinemergingeconomies.Furthermore,themajorityoftheexisting

studiesconcentratepredominantlyondevelopedmarkets.

Theadventandwidespreadadoptionofdigitalizationhaverevolutionizedtheentrepreneuriallandscape,reshapingthewayentrepreneurshipisconducted.Digitalizationhastransformedsocietiesandeconomies,enablingentrepreneurstolowertransactioncosts,scalebusinesses,accessnewmarkets,andimproveefficiency(WorldBank2016,Berman2012,Cardonaetal.2013,HawashandLang2020).Studiesshowthatfimsthatadoptdigitalizationfacilitateinnovations(Gaglio2022),spurproductivitygrowth(Cetteetal.2022,Galetal.2019),andenhancecompetitiveness(deRosnayandStalder2020,Ferreiraetal.2019,Dahlmanetal.2016).Despiteemergingintheearly1990s,digitalentrepreneurshipisoftenperceivedasanewoccurrence(Kollmannetal.

2022).TheoutbreakofCOVID-19hasaccelerateddigitaladoptionandfurtherhighlighted

1TheGEMadoptsthreemeasuresofentrepreneurship:totalearly-stage,opportunity-drivenearly-stage,andnecessity-drivenearly-stageentrepreneurship.

6

thebeneftsofdigitalization.Inresponsetothecrisis,therehasbeenanotablesurgeinacademicliteratureinvestigatingtheramificationsofthepandemiconbusinessactivity(Abidietal.2022).IntheirstudyexaminingtheMiddleEastandCentralAsiaregion,Abidietal.(2022)provideevidencethatdigitally-enabledfirmsexperiencedalowerdeclineinsalesthantheirdigitally-constrainedcounterparts,highlightingthehedgingeffectofdigitalizationduringthepandemic.Longetal.(2022)reportapronouncedassociationbetweendigitaltechnologyandentrepreneurialresiliencemeasuredasthelikelihoodoffirms'closureduringthepandemic.Xiongetal.(2021)arguethatthesocialandeconomiccrisisofthepandemiccreatesthe"windowofopportunity"leadingtotheleapfroggingofdigitaltransfomation.Kim,Estrada,etal.(2022)reportthatICThaspositivelyimpactedeconomicperformanceduringthepandemic.Hayakawaetal.(2021)findthatalthoughtheseverityofthepandemicsignificantlyimpededinternationaltrade,positivedevelopmentoftheimportingcountry'se-commercemitigatestheadverseeffect.Usinginformationtechnology(IT)adoptiondatafornearlythreemillionestablishmentsintheUnitedStates(US),Oikonomouetal.(2023)confirmthemitigatingroleofITduringthe

COVID-19crisis.

Althoughpriorresearchhasdiscussedthepotentialcontributionsofentrepreneurshipanddigitalizationtopositiveeconomicoutcomes,itisimperativetointegratethesetwoimportantconceptstoshedlightontheircombinedeffectsoneconomicresilienceandgrowth.Byunderstandingtheinterplaydynamicsbetweentheentrepreneurialecosystemanddigitalization,policymakersandpractitionerscaneffectivelynavigatetheevolvinglandscapeofdigitalentrepreneurshipandharnessits

potentialtofostereconomicgrowthandresilience.

7

3.EmpiricalApproachandData

Thisstudyusescross-sectional,country-leveldataandperformsordinaryleastsquares(OLS)regressionsfor2020.Westartedwithall113countriesavailablefromtheGIDESdataset.Usingascorepointona0-100scale,GIDESmeasuresthequalityoftheentrepreneurialresourceallocationdynamic,focusingprimarilyonthedigitalconditionatthecountrylevel.Afterexcludingcountrieswithmissingdata,thefinalsampleconsistsof100countries,ofwhich31areadvancedeconomies,and69areemergingmarketsanddevelopingeconomies(hereinafterreferredtoasdevelopingcountriesoreconomies).Table1showsthenumberofcountriesineacheconomy.Thefulllistofcountriesis

availableinAppendix1.

Table1:RegionalDistributionofCountries

Region

NumberofCountries

NorthAmerica

EuropeandCentralAsia

EastAsiaandPacific

MiddleEastandNorthAfrica

LatinAmericaandCaribbean

SouthAsia

Sub-SaharanAfrica

2

36

13

11

16

5

17

Total

100

Source:Authors'compilation.

ThedependentvariableistheeconomicdamagemeasuredasGDPgrowthdeceleration.WedefineGDPgrowthdecelerationby,firstly,thedifferencebetweentheactualGDPgrowthin2019andtheOctoberforecastofGDPgrowthin2020and,secondly,thedivergencebetweentheOctober2019forecastof2020GDPgrowthandtheOctober2020forecastofGDPgrowthin2020.Thekeyindependentvariablesofourbaselineempiricalmodelarethequalityofthedigitalentrepreneurialsystem,the

prevalenceofCOVID-19,andtheinteractiontermbetweenthetwo.TheGIDESquantifies

8

thequalityandproductivitypotentialofdigitalentrepreneurialresourceallocationdynamics,andCOVID-19prevalencerepresentsthecumulatednumberofCOVID-19confirmedcasesforevery100people.Asweaimtoexaminethepotentialmoderatingroleofacountry'sdigitalentrepreneurialenvironmentqualityinmitigatingtheadverseimpactofCOVID-19prevalenceonitseconomicresilience,weconsidertheinteractionterminvolvingthetwomainindependentvariables.AsignificantinteractiontermsuggeststhattherelationshipbetweenCOVID-19prevalenceandeconomicperformanceiscontingentuponthelevelofdigitalentrepreneurshipasmeasuredbyGIDES.Thislogicaldeductionimpliesthatcountrieswithamorerobustdigitalentrepreneurshipecosystemarebetterequippedtonavigatecrisesthatrequiremovementrestrictionssincebusinessescancontinueunimpededwheneconomicactivitiesareshiftedonline.Toaccountforpotentialconfoundingfactors,weincorporateseveralcontrolvariablesrelatedtoCOVID-19orbasedontheeconomicprofileofeachcountry.ThetwoCOVID-19-relatedcontrolvariablesaremobilityrestrictionandtheOxfordStringencyIndex.Countriesimposerestrictionsonmobilitytocontainthespreadofthedisease,andOxfordStringencyIndexindicatesthelevelofacountry'scontainmentmeasures.Predictably,whenahighervalueisobservedforeitherofthetwomeasurements,itleadstosubduedeconomicactivities,resultinginadeclineinGDP.Theotherfourcontrolvariablesincludedinthemodelaretradeopenness,services'shareofGDP,pastGDPpercapitagrowth,andeconomicdevelopmentlevel.Tradeopennesswassignificantlyimpactedduringthepandemicduetolockdownsandsupplychaindisruptions.Similarly,variousshutdownmeasuresimposedduringthepandemicnegativelyimpactedtheshareof

servicesofGDP.Therefore,itisconceivablethatthetwovariablesdampenacountry's

9

economicperformance.Additionally,acountry'spastproductivitytrajectorymayinfluenceitsabilitytonavigatepresentchallenges.Typically,pastsolidGDPgrowthindicatesawell-performingeconomywithfavorableconditions,suchashighinvestment,productivity,andconsumerconfidence.Thispositivemomentumcancontributetosustainedgrowthinthefuture.Hence,wepositanegativerelationshipbetweenpastGDPpercapitagrowthandthedependentvariable.Lastly,weintroduceadummyvariabletoaccountforvariationsintheeconomicdevelopmentlevelsamongcountries,therebycontrollingforpotentialconfoundingfactors.Theeconomicdevelopmentdummyvariabletakesonthevalueofoneifthecountryfallsunderthecategoryofemergingmarketsanddevelopingcountries.Table2listsallvariables,alongwiththeirrespectivedescriptionsandanticipateddirectionalrelationshipswiththedependentvariable.Thebaselinemodelof

ourstudyisshowninEq1.

GDPDEC?=α+β?COVID?+β?GIDESi+β?GIDESi*COVID?+β?CONTROLi+E

(Eq1)whereaistheintercept,GDPDECdenotesGDPdeceleration,COVIDrepresentsCOVID-19prevalence,GIDESistheGlobalIndexofEntrepreneurshipSystems(GIDES),GIDES*COVIDistheinteractiontermbetweenGIDESandCOVID,andCONTROL;representsthesubsetofcontrolledvariables,namelymobilityreduction,OxfordStringencyIndex,tradeopenness,servicesshare,pastGDPpercapitagrowth,andeconomy.β?toβ?arethecoefficientsofeachvariable,andaistheerrorterm.Thesubscriptidenotescountryi.Additionally,weconsidertheinteractiontermsbetween

GIDESandmobilityreduction(GIDES*MOBRED)andGIDESandstringencyindex

10

(GIDES*STRINGENCY)tocapturethemoderatingeffectsbetweentheindependent

variables.Eq2and3exhibitthetwoequations.

GDPDECi=α+β?COVID?+β?GIDESi+β?GIDESi*MOBRED?+β?CONTROLi+εi

(Eq2)

GDPDEC?=α+β?COVID?+β?GIDESi+β?GIDESi*STRINGENCYi+β?CONTROL?+Ei

(Eq3)

Table2:DescriptionofVariables

Variable

Description

PredictedSign

DataSource

Dependentvariable

GDPgrowth

Actual2019growth-2020growth

IMFWEO

deceleration1

forecast(annual%)

October2020

GDPgrowth

deceleration2

GDPgrowthdeceleration2-

2020growthforecast(Oct2019)-2020growthforecast(Oct2020)(annual%

IMFWEO

October2020

andWEO

October2019

Independentvariable

GIDES

GlobalIndexofDigitalEntrepreneurshipSystem(0-100)(annual%)

(-)

Autioetal.2022

EntrepreneurialEcosystem

EntrepreneurialEcosystemIndex(EEl)(0-100)

(-)

Autioetal.2022

Digital

Entrepreneurial

DigitalEntrepreneurialIndex(DEl)(0-100)

(-)

Autioetal.2022

COVID-19

prevalence

Economy

TheratiooftotalcumulativeCOVID-19infectionstopopulation,orthepositivity

ratio

Advancedeconomies(0)versus

Emergingmarketsanddevelopingeconomies(1)

(+)

WHO

WorldBank's

WDI

Controlvariable

Mobilityreductior

Reductioninmovementofpeopleduetomovementrestrictivemeasuressuchasockdownsandstay-at-homeorders.

(+)

Google

StringencyIndex

Stringencylevelofcontainmentmeasures

(+)

OxforddatainCSVfromGithub

Tradeopenness

TheratiobetweenthesumofexportsandimportsandGDP

(+)

WoddBank's

WDI

Serviceshare

PastGDPper

capitagrowth

ValueaddedintheservicessectoraspercentofGDP

AverageGDPpercapitagrowth(2000-2019)(annual%

(+)

(-)

WorldBank's

WDI

WorldBank's

WDI

COVID-19=coronavirusdisease,GDP=grossdomesticproduct,GIDES=GlobalIndexof

EntrepreneurshipSystems,WDI=WorldDevelopmentIndicators,IMF=InternationalMonetaryFund,WEO=WorldEconomicOutlook,WHO=WorldHealthOrganization

Note:Thepredictedsign(+or-)indicatestheexpecteddirectionalrelationshipbetweenthedependent

andtheindependentvariable.

Source:Authors'compilation

11

4.ResultsandDiscussionofFindings

Table3presentsthesummarystatisticsofthewholesample(PanelA),advancedeconomies(PanelB),anddevelopingeconomies(PanelC).Asexpected,allGIDES-relatedindexesexhibithighervaluesinadvancedeconomieswhileregisteringlowervaluesindevelopingeconomies.ThedifferencebetweenthemeanGIDESvaluesofadvancedeconomies,whichstandsat58.35(rangingfrom27.31to81.29),anddevelopingeconomies,whichis21.63(rangingfrom8.03to54.33),isconsiderable.Likewise,whenitcomestodigitalconditions,developingeconomiesexhibitsubstantiallylowerscores,averagingat0.40(rangingfrom0.23to0.66),incontrasttothehighermeanscoreof0.73(rangingfrom0.50to0.88)observedindevelopedeconomies.Theobserveddifferenceisexpected,consideringadvancedeconomieshaveaccesstosuperiorresources,moredevelopedinfrastructure,andstrongerinstitutionsthantheirlessdevelopedcounterparts(Autioetal.2022).Despitethedisparityintheireconomicresources,bothadvancedanddevelopingeconomiesfacedcomparablelevelsofeconomicdamageduringthepandemic,withadvancedeconomiesrecordinganaveragedecelerationof8.239%perannumwhiledevelopingeconomiesreportedaslightlyhigherfigureof8.559%perannum.Table4showsthecorrelationmatrix.Thevarianceinflationfactor(VIF)valuesrangefrom1.3and2.4,indicatinglowlevelsofmulticollinearityamong

thevariables.

12

Table3:SummaryStatistics

PanelA:Wholesample(100countries)

Mean

Std.Dev.

Min

Max

GDPgrowthdeceleration1

8.181

3.171

2.010

18.100

GDPgrowthdeceleration2

8.738

3.597

2.320

25.860

COVID-19prevalence

GlobalIndexofDigitalEntrepreneurshipSystems

0.020

0.019

0.000

0.073

(GIDES)

33.015

20.630

8.030

81.290

EntrepreneurialEcosystemIndex(EEl)

0.655

0.137

0.410

0.980

DigitalEntrepreneurialIndex(DEI)

0.504

0.183

0.230

0.880

Stand-up

33.023

20.514

7.840

79.940

Start-up

32.950

21.441

7.870

83.640

Scale-up

33.073

20.028

7640

80.440

Mobilityreduction

16.892

21.142

-43.470

58.370

StringencyIndex

51.588

9.924

29.889

72.688

Tradeopenness

0.909

0.616

0.120

3.640

Servicesshare

57.518

8.989

33.498

79.158

PastGDPpercapitagrowth

2.501

1.749

-1.692

8.427

PanelB:Advancedeconomies(31countries)

Mean

Std.Dev.

Min

Max

GDPgrowthdeceleration1

8.257

2.496

3.920

14.810

GDPgrowthdeceleration2

8.221

2.425

4.100

14.680

COVID-19prevalence

GlobalIndexofDigitalEntrepreneurshipSystems

0.030

0.020

0.000

0.073

(GIDES)

58.352

15.136

27.310

81.290

EntrepreneurialEcosystemIndex(EEI)

0.808

0.098

0.610

0.980

DigitalEntrepreneurialIndex(DEl)

0.727

0.095

0.500

0.880

Stand-upsub-index

57.974

15.395

26.570

79.940

Start-upsub-index

59.759

14.990

29.780

83.640

Scale-upsub-index

57.321

15.179

25.570

80.440

Mobilityreductior

2.357

18.044

-28.840

29.490

StringencyIndex

46.482

7.372

31.186

56.155

Tradeopenness

1.195

0.817

0.310

3.640

Ser