Role of the Youth Economic Development
The larger population in any society is composed of the youth (ages between 18-35). As such, they contribute significantly to the development of society. One of the areas that youth has a direct influence on the economic development of a country. For instance the work force of any country is composed of the youth. In many societies however, the youth appears to be sidelined yet their role especially in development of a country’s economy is one that cannot be undermined. It is argued that countries that are still developing and which have large population of youth could benefit immensely in terms of economic growth. However, it is necessary for the youth to be given opportunities that will allow them to make significant contribution to economic development. This paper has analyzed some of the ways in which the youth contribute directly to economic development.
In comparison to other age groups, the youth are the majority of consumers cutting across various products. Unlike the aged who are likely to have more responsibilities and hence have a restriction in spending, the youth tend to have more money and less responsibility. As a result, they tend to spend more creating a higher demand for goods across all sectors. Further, the youth motivates manufacturers to come up with new innovations because the youth have fully embraced technology. Emergence of new technological innovations means expansion of the manufacturing industry which in turn contributes to the growth of the economy. In addition, a good part of the income from the youth goes to the government in form of taxes which are then used for infrastructure development.
Agents of Change
Besides embracing technology, the youth are agents of change as they contribute largely in running government institutions efficiently. Part of the reason as to why there is a retirement age is so as to hand over institutions to younger brains that will facilitate efficiency in operation of institutions. Efficient operations lead to reduced cost of doing business which is a direct attraction to investors. With investors streaming in, the economy of a country grows significantly.
Opening up Investments
With globalization, the youth contribute to the growth of an economy by opening up investment opportunities. The potential that the youth have is not just beneficial to the country but also to neighboring countries. Youth who have gained skills and experiences will move to other countries to meet the growing demands for their services. As result, the mother country will gain immensely from demographic dividend
One of the major problems faced by the youth population in most countries is the lack of opportunities or inaccessibility thereof. As a result, most youth are not empowered to take up their rightful position in the contribution of growth f the economy. If properly tapped and nurtured, the potential posses by the youth will go a long way in contributing largely. It is time that governments of each country as well as the society at large invest heavily on youth empowerment. When the youth is empowered, the entire population is good to go. It is necessary to keep in mind that for an economy to gain tremendous growth the workforce must be bigger than those depending on it. For most countries, the situation is the other way round so that those depending on the workforce are more than the workforce itself. The end result is an overburdened workforce that does not produce enough for those depending on it. With proper investment and opportunities, youth will play a pivotal role in economic development.