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Local Startups Boost Pakistan’s Ranking On Global Poll For Business Growth

Local Startups Boost Pakistan’s Ranking On Global Poll For Business Growth

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Efforts by new businesses in Pakistan seeking solutions to social problems have made the country one of the best performers in a global poll on social entrepreneurs

Pakistan becomes one of three countries whose overall ranking in the global poll has improved the most since 2016. The country has advanced 18 spots and is now 14th among the world’s 45 biggest economies, giving it the status of a nation where social entrepreneurs can make a living and hire potential staff.

“The landscape has changed tremendously in terms of openness and receptivity for entrepreneurship,” said Shaista Ayesha, the product development head at SEED Ventures.

“Almost all universities have business incubation centres that are either working with the public or the private sectors to support home-grown enterprises.”

Pakistani banker and economist Ishrat Hussain confirmed this, citing microfinance institutions and business schools that have set up entrepreneur centres that help equip people not formally trained in setting up businesses.

According to the United Nations Development Programme, there has been an increase in youth’s interest in the sector, a trend estimated to continue til 2050; about two-thirds of Pakistan’s population are younger than 30, with 29% aged between 15 and 29.

This new generation of Pakistanis also take to social networks to voice their opinions over the socio-economic and political challenges faced by the country.

Pakistan has also seen an increase in female-led businesses over the past few years, a significant achievement highly appreciated by the international community as well.

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