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

Wpływ przedsiębiorczości na zrównoważony rozwój na rynkach wschodzących podczas pandemii COVID-19

Maja Ivanović-Đukić*, Tamara Rađenović**, Nemanja Veselinović***

* University of Niš, Faculty of Economics, Trg kralja Aleksandra Ujedinitelja 11,
18000 Niš, Serbia
E-mail: maja.djukic@eknfak.ni.ac.rs, ORCID: 0000-0002-0547-7209
** University of Niš, Faculty of Occupational Safety, Čarnojevića 10a, 18000 Niš, Serbia
E-mail: tamara.radjenovic@zrnfak.ni.ac.rs, ORCID: 0000-0003-1632-7772
*** University of Niš, Faculty of Economics, Trg kralja Aleksandra Ujedinitelja 11,
18000 Niš, Serbia
E-mail: nemanjaveselinovic@gmail.com, ORCID: 0000-0001-7254-3870

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.

Key words: COVID-19, sustainable development, economic growth, entrepreneurship, emerging markets

Słowa kluczowe: COVID-19, zrównoważony rozwój, wzrost ekonomiczny, przedsiębiorczość, rynki wschodzące

Problemy Ekorozwoju 17(2)2022: 47-58

DOI: 10.35784/pe.2022.2.06

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