GLOBAL ENTREPRENEURSHIP MONITOR: ARMENIA NATIONAL REPORT 2024/2025

Ameria CJSC is pleased to announce the release of the Global Entrepreneurship Monitor (GEM) Armenia National Report 2024/2025, the country’s second participation in the world’s most authoritative and globally comparable study on entrepreneurship.

Conducted in collaboration with the GEM Global Consortium, the report is based on a nationally representative Adult Population Survey (APS) of 2,000 individuals and a National Expert Survey (NES). It provides an in-depth, data-driven assessment of Armenia’s entrepreneurial landscape, capturing the motivations, capacities, and constraints shaping entrepreneurial behavior and ecosystem development across the country.

Highlights from the 2024/2025 Report

• Entrepreneurial maturity and resilience: Armenia shows a notable increase in Established Business Ownership (EBO), indicating greater business continuity and ecosystem resilience. However, Total early-stage Entrepreneurial Activity (TEA) has declined since 2019, particularly in Yerevan and rural areas, reflecting regional disparities in entrepreneurial entry.

• Shift in motivations: While entrepreneurship remains strongly necessity-driven, there is a marked rise in opportunity-driven motivations—especially the desire to build personal wealth. This cultural shift signals a gradual move toward more aspirational and growth-oriented entrepreneurship.

• International orientation: Armenia ranks 11^th out of 51 GEM countries in the share of early-stage entrepreneurs expecting to earn more than 25% of their revenues from foreign markets—a strong signal of global ambition among the country’s new business founders.

• Digital and innovation gaps: Despite enthusiasm around technology, the report highlights low adoption of advanced digital tools and artificial intelligence (AI), especially among established businesses. Regional and sectoral disparities persist in digital readiness.

• Persistent ecosystem challenges: The study points to ongoing structural weaknesses in entrepreneurial education, R&D commercialization, and informal investment flows. National experts also cite access to finance and policy uncertainty as key constraints to entrepreneurship.

• Demographic trends: Younger adults show greater optimism and lower fear of failure, while women are increasingly recognizing entrepreneurial opportunities—but remain less proactive in acting on them. These demographic shifts underline the importance of inclusive ecosystem development.

• Social foundations: Armenia maintains one of the strongest cultural value systems in support of entrepreneurship across the GEM sample. Over 87% of adults view business creation as a desirable career, and societal respect for entrepreneurs remains high.

• Contextual performance: Armenia’s overall entrepreneurship environment, as measured by the National Entrepreneurship Context Index (NECI), improved notably since 2019, ranking 20th out of 56 countries and 4th among the 15 "Eastern Europe+" regional group. Key strengths include favorable government policy toward taxation and low bureaucracy, while education and R&D transfer remain among the weakest components.

Why This Report Matters

The 2024/2025 GEM Armenia Report is a vital tool for policymakers, development institutions, investors, and ecosystem builders. It offers internationally comparable data and rigorous analysis to inform strategy, monitor reform outcomes, and design targeted interventions to support inclusive, sustainable, and innovation-led entrepreneurship in Armenia.

As Armenia’s official national partner to the GEM Consortium, Ameria CJSC is proud to lead this research initiative and to contribute to strengthening evidence-based economic policymaking and private sector development in the country.