The World Economic Forum reports that Increasingly countries have recognized the demographic dividend as a key pathway to achieve rapid and inclusive economic growth and long-term development. At the same time, African leaders are charting their pathway towards an integrated, prosperous and peaceful Africa by 2063 as the world seeks consensus on a post-2015 development framework that is inclusive and sustainable for current and future generations.
But realizing transformative change will only be possible if African countries invest in people, particularly women and young people. By focusing on human capital and human dignity, empowering a healthy, educated and skilled population, Africa will reap the greatest economic and social gains.
Such progress has already been achieved in other regions. East Asia invested in the human capital of its young people and industry and experienced a seven-fold increase in GDP per capita. Latin America seized a two-fold increase during its demographic dividend window.
If sub-Saharan Africa takes advantage of the demographic dividend, estimates show a potential to add up to $500 billion per year to its economies for as many as 30 years – the equivalent of one-third of Africa’s GDP.