In our discussions this year, what struck Team South Africa is that the challenges faced by developed economies are similar to those faced by developing countries like South Africa. Youth unemployment, achieving faster inclusive economic growth, job creation, competition for global investment, cost of energy – all these challenges are common to all of our respective nations.
Of course there are differences. The scale and depth of the challenges differ. For example, 90 per cent of the youth population lives in developing countries. And as the International Labour Organisation (ILO) points out, labour markets for young people in developing economies are very different from those in developed economies. The irregular nature of employment among youth and the tendency for youth in developing economies to leave education early are the labour market characteristics that contrast most directly with those of youth in developed economies.