The Asia-Pacific region is home to more than 60 percent of the world’s youth, about 700 million young people. It is estimated that they account for half of the jobless people in the region. Entrepreneurship offers a way out, and many are already taking this route.

While authorities have been taking measures to alleviate the economic impact of the pandemic, the rapid escalation of the crisis has forced them to act faster. In doing so, safeguards in the form of compliance, oversight, and accountability measures have been temporarily relaxed in some countries. This has made economic stimulus packages vulnerable to corruption and fraud.

There has to be care taken to protect civic rights and data privacy, as well as to extend support through business credits and social protection to tide them over. Poor governance, a lack of transparency, and inadequate attention to the needs of micro and small entrepreneurs erodes trust in leadership and public institutions and exacerbates inequalities. It also increases the risks and costs of doing business.

Source Credit: United Nations Development Program