(MENAFN) The deceleration in global birth rates is casting a shadow over economic growth trajectories across major economies, spanning nations from China and Japan to Germany and the United States. However, delving deeper into this demographic shift reveals an intriguing paradox: even regions poised to harness the benefits of population expansion find themselves ensnared in growth deceleration challenges. Central to this narrative is Africa, a continent burgeoning with a population of 1.5 billion individuals and a pivotal role in shaping global economic dynamics. Projections underscore that by the 2030s, a significant proportion—approximately one-third—of new entrants to the global labor force will hail from Africa.
Yet, the continent grapples with a complex conundrum. To galvanize global economic growth, Africa must strategically harness this burgeoning labor force, ensuring its integration into productive sectors and capitalizing on its demographic dividend. Regrettably, prevailing trends indicate that many African nations are yet to fully unlock this potential, with inefficiencies and sub-optimal utilization of human capital prevailing in various sectors.
Intriguing insights gleaned from recent research shed light on the prerequisites for fostering "miraculous" economic growth—a sustained trajectory exceeding 6 percent. The findings underscore that a robust growth rate of the working-age populace, not less than 2 percent, serves as a foundational pillar for achieving such economic marvels. Reflecting on historical benchmarks, circa 2000 witnessed 110 nations experiencing this accelerated growth in their working-age populations, with a significant proportion—approximately half—hailing from Africa.
However, contemporary data reveals a contraction in these figures, with the tally diminishing to a mere 58 nations. Alarmingly, a dominant majority—comprising 41 nations, or more than two-thirds of this subset—are African countries, spotlighting both the continent's potential and the imperative need for strategic economic interventions.
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