The South Asian region is blessed with tremendous natural resources. The region is the largely untapped market of 1.7 billion people and is home to the youngest population of the world. According to the World Bank, one-fifth of the population of South Asia is between the ages of 15 and 20, and is the most youthful region; home to 26% of the entire world's youth. About 52% of South Asia's population is of working age, defined as those ages 15 and above.
The Saarc region is one of the few bright spots for growth in a global economy that is adjusting itself to China's slowdown. South Asia, as a whole, grew at an annual rate of 6.3% from 2012 to 2016, matching the average growth rate for developing Asia in the same period. The Asian Development Bank projects South Asia's growth to accelerate to 6.9% in 2015 and 7.3% in 2016, which exceeds forecasts for developing Asia. Both South Asia and developing Asia grew faster than the industrialised economies of the US, Japan and Europe between 2012 and 2015.
However, the region is yet most uneducated, un-urbanized, malnourished and is home to the 1/3rd of poor communities across the world. Despite the fact that the region has the massive economic resource and market of 1/3rd global population we are adding less than 3% of the global GDP. With the best natural resource abundance across the region we have failed to change the fate of 400 million people in the region living below the poverty line, and accounts for 30% of our population. With most intense geographical proximity, we are the least integrated region in the world. With such enormous potentials, all the member nations are low-ranking in the Human Development Index.
To benefit from such an enormous demographic asset, the member nations of Saarc would require solving for the triples Es of education, employment and engagement of the youth to achieve exponential growth and create sufficient conditions for the inclusive, equitable and sustained development course. Unfortunately, in these sectors our achievements are chronically low, for example, the primary school enrolment rate across the South Asian region is 43% only which is far low as compared to the other developing regions.
Equity in education is also one the core issues. Girls and minorities and poor are less likely to complete schooling. In Bangladesh for example, less than 20% of children from lowest income quintile enroll in grade 9.
The need of the hour is to equip our youth with the dynamic and mutable demands of the labour markets across the world. In this context, preparing the South Asia's youth for the future means not only closing the region's enormous gaps in basic learning , but also equipping them with 21st century skills like critical thinking, resilience and cross-cultural competencies.
An efficient youth policy aimed at focusing employment opportunities is urgently required, especially because the youth labour force in South Asia shows little likelihood of slowing down: according to ILO's 2010 report, 1 million young are expected to enter the labour market every year between 2010 and 2015. The tendencies towards technical and vocation education and trainings are alarming low. Only 1.4% of the secondary school students enrolled in TVET programmes across the South Asian region, which is far low than 16.3% in ASEAN and 30% in the EU.
Reversing this trend will be critical to opening up opportunities for youth and re-aligning industry demands with the current supply of skills in the workforce. A lack of structured and institutionalized opportunities continues to limit the role of youth in the decision-making processes. Youth's aspirations, however, are increasingly finding space through the use of news media, access to information and networking tools. Coupled with rising inequality, it is perhaps unsurprising that a recent global survey found that Asian youth are less likely to believe they can make a difference - about 50 percent - compared with the global average of 62%.
Empowering the youth means equipping them with the skills and networks needed to, at minimum, take charge of their own lives, if not lead change in their communities. This means creating opportunities - in and out of school - for youth to develop a basic set of knowledge, skills and attitudes to lead themselves.
The need is to creating a support system for youth-led enterprises with economic, social and environmental business objectives and ensure youth participation at all country level, bilateral and multi-lateral policy making forums and consistency in policies that support them. Saarc Chamber of Commerce and Industry, has introduced the novel concept of Business Angle seasoned business figure that will mentor young entrepreneurs.
(The writer is Research Associate at Saarc Chamber of Commerce and Industry. The views expressed here are those of the author and do not necessarily represent or reflect the views of Saarc CCI)
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