A report by McKinsey & Company says that South Africa’s potential
in service exports could represent a major vehicle for delivering real economic transformation.
The paper, released by McKinsey Global Institute and McKinsey South Africa, is titled South Africa’s Big Five: Bold priorities for inclusive growth
and outlines the growth potential of various sectors supported by interviews with government, business and academia.
The following sectors were highlighted where the country already possesses great potential,
but could be doing much better, namely advancing manufacturing, infrastructure productivity, natural gas, service exports and agricultural production.
The report emphasises that these priority industries could contribute R1 trillion to the annual Gross Domestic Product and create 3.4 million jobs by 2030.
However, for this to be achieved, business and government need to jointly promote
and cultivate an intense expansion of skills development, especially vocational training The development and underdevelopment.
Should the big fi ve of economic development as proposed by McKinsey Global Institute and McKinsey South Africa be realised, then various medium-term goals for youth must receive national priority.
These are the provision of free, quality and relevant education; meaningful and accelerated skills development, with a special focus on vocational skills;
promoting youth entrepreneurship and cooperatives development;
promoting the health and wellness of youth, and the implementation of national youth service.
These five priorities must be regarded as the big five of youth development to support and attain the big five of economic development.
YOUTH ISSUES Considering the ‘youth bulge’ that we are currently experiencing in South Africa, the country stands to benefit from a demographic dividend therefore both the implications and opportunities posed
by the ‘youth bulge’ need to be explored. Along with unemployment, youth underdevelopment refers to the underutilisation or inability to realise the full potential inherent in youth.
Youth are not ‘adults in waiting’ but they are capable human beings with abilities that must be enhanced or fostered.
If these capabilities are not cultivated and developed, over time youth underdevelopment may occur which could lead to a lack
of personal development and negative consequences for society’s development The development and underdevelopment.
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