Population Boom and Economic Busts
I can remember vividly the time I was the third child in a family of five before the cute addition of another baby boy. Instantly, every other member of the household had to make urgent sacrifices. Mother slept for shorter hours to attend to the new baby. Father had to work extra hours to provide additional income to support the family. Older siblings had to cope with additional household chores as circumstances demanded. In a nutshell, a growing population demands for additional socio-economic supports from familial, community and national standpoints.
According to the United Nations Department of Economic and Social Affairs, the world population reached 7.244 billion as of July 2014 and is projected to reach 7.325 billion by July 2015. The UN now says the population of the world will reach 8 billion in 2024.
The likely question on your mind is what is the significance of these statistical data? It is a fact that in business, if you can’t make profit, then at least break even. In the second quarter of 2013 alone, employment outcomes continued to show no improvement in most developing countries as gross domestic product (GDP) growth rates stagnated. According to the World Bank, employment growth took a modest hit, dropping to 0.9 percent, while the unemployment rate barely moved.
In the same period, decreases in employment growth were pronounced in East Asia and Latin America, where employment growth was halved. Meanwhile, Europe and Central Asia present mixed pictures with respect to GDP growth. The employment growth rate remained low throughout the region at 1 per cent.
In the Latin America and Caribbean region, GDP growth declined in all countries except Brazil, leading the regional average to drop. The region’s employment growth rate decreased marginally as well with increase in population.
Finally, the South African economy showed signs of further deterioration with increase in human population in the second quarter of 2013 while unemployment rate grew.
Obviously, there is a need for governments all over the world to take responsibility for more job opportunities in millions to cater for the ever growing human population.
Submitted by Olanrewaju Daodu, Task Force member and the founder and principal consultant for Rural Youth Voice of Nigeria. Check out his other guest blogs Africa Series: Young Empowerment & Sustainable Development and The Media’s Role in Sustainable Development.
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