Countries with the fastest growth in small businesses

The pandemic caused many businesses and organizations to suffer and even shut down permanently. Small businesses were affected in many ways, but there was also a rise seen in many places, who adapted to the COVID norms. Many countries like the US, UK, Germany, Canada, Australia.


According to data presented by Mastercard’s Recovery Insights: Small Business Reset report, a pandemic small-business boom was revealed. Around 32% more SMEs were formed in 2020 globally, as disrupted job markets, pent-up savings, and changing consumer behaviours drove new start-ups.

To accurately measure the information, Mastercard performed proprietary analysis and aggregated the sales activity within its network and third-party data sets.

This exponential growth of new small businesses around the world was largely due to the digital network. The ease and accessibility increased consumerism. COVID-19 pandemic sparked a boom in e-commerce. Not only the major economies of the world, but also in developing nations like Brazil. Thus many SMEs thrived due to low start-up costs and much lesser risks. Looking at the future prospects, this new economic scenario is here to stay.

Pic credits: pixabay

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