Entrepreneurial activity in troubled times

Multiple shocks, including the COVID-19 pandemic, geo-political conflicts, and worsening credit conditions characterized the last three years. The new Global Entrepreneurship Monitor (GEM) report for Luxembourg illustrates the consequences of the polycrisis on the country’s entrepreneurial activity and ecosystem. The report indicates that entrepreneurial activity in Luxembourg has slowed since 2019, both in absolute terms and compared to other European countries. However, data on entrepreneurial intentions appear to return to pre-pandemic levels, which provides reasons for optimism.

The seminar provided an overview of the main findings from the 2022 report taking stock of 10 years of internationally comparable GEM data for Luxembourg. In particular, the presentation focuses on the evolution of the main entrepreneurship indicators, on the strengths and weaknesses of Luxembourg's entrepreneurial ecosystem, as well as on the characteristics of the entrepreneurs and the main obstacles to their activity. In addition, Professor Ehud Menipaz, guest speaker and Head of the GEM Team in Israel (one of the 10 founding countries of GEM), highlighted the insightful collaboration during the drafting of the Luxembourg GEM report 2022/23.