Impact of Entrepreneurship on Sustainable Development in Emerging Markets under the Conditions of COVID-19

Abstract

This paper investigates the contribution of entrepreneurship to sustainable development and economic growth in emerging markets in the period before and during the COVID-19 pandemic. Additionally, the importance of various measures implemented by entrepreneurs and governments as responses to the changing environment in the COVID-19 pandemic is examined. By employing the data for 20 emerging markets, the findings revealed that only high-growth-expectation entrepreneurship (HEA) had a significant contribution to economic growth before the pandemic, but this relationship became negative during the COVID-19 crisis. Furthermore, this research pointed out that sufficient responses to the COVID-19 pandemic could be a useful instrument to encourage the development of entrepreneurship and revive the economy in the post-COVID period in emerging markets.