SMEs Are Key To African Development
October 17th, 2022 – SMEs are Africa’s employment lifeline, providing an opportunity for the continent to positively leverage its demographic dividend for growth and sustainable prosperity.
The African Development Bank reports that while 10 to 12 million youth enter Africa’s workforce each year, only three million formal jobs are created annually. In short, the majority of young people entering the job market each year in South Africa and across Africa are unlikely to find formal employment amongst the continents existing businesses and corporates.
While the corporate embrace of technology is also likely to slow the pace at which formal businesses add jobs, on the other side of the digital disruption coin, technology is also opening up vast new opportunities for self-employment.
Written by Africa.com
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