The global pandemic had a mixed effect on entrepreneurship across the world, according to the 2022/2023 Global Entrepreneurship Monitor (GEM) Global Report: Adapting to a “New Normal”. Based on interviews with over 175,000 individuals and experts from 51 economies, the report tracks the percentage of adults who are starting or running a new business (referred to as Total early-stage Entrepreneurial Activity or TEA). Countries have experienced variable impacts from the pandemic. Among the 38 economies that participated in GEM research both in 2019 (prior to the pandemic) and 2022, there were 12 that had a substantially higher level of TEA in 2022 compared to pre-pandemic, and 16 in which TEA dramatically levels fell. Meanwhile, in 10 of those economies, there was minimal change. All regions and income levels are represented in each group.