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Are Young Business Owners Key To New Growth Across Africa?

According to the African Economic Outlook, GDP in Africa is projected to grow by 3.4 percent in 2021, after contracting by 2.1 percent in 2020 following the global COVID-19 pandemic. Sub-Saharan Africa, with its young and growing population, is set to lead this growth for the continent. Thanks to digital solutions and access to global markets provided by companies like FedEx Express, a growing number of young African entrepreneurs could be the key to new development across Africa, kick starting Africa’s return to an engine of global economic growth. Almost 60% of Africa’s population is under the age of 25, and the African Union recognizes the importance of investing in and creating opportunities for young people to realize their full potential through programmes like the African Youth Charter, Youth Decade Plan of Action, and the Malabo Decision on Youth Empowerment, all part of the AU Agenda 2063. Entrepreneurship can provide a viable pathway to success for people entering the workforce for the first time, largely because young entrepreneurs are more likely to hire other young people and are more likely to be early adopters of new technologies and economic opportunities.