13/05/2020
Demographs a potent driver to the pace & process of economic development.
"Demography is destiny" is an oft-cited phrase that suggests the size, growth, and structure of a nation's population & determines it's long-time social, economic & political fabric.
The world is undergoing a major demographic upheaval with three key components: population growth, changes in fertility & mortality, and associated changes in population age structure.
Population.
It took more than 50,000 yrs for the world population to reach 1 billion people. Since 1969, we have added successive billions every one (1) to two (2) decades.
The world population was 3 billion in 1960; it reached 6 billion around 2000 & the United Nations projects it will surpass 9 billion by 2037. The population growth rate has been slowing, however from peak annual rates in excess of 2% in the late 1960s, to about 1% currently, to half that by 2050.
Although global income per capita move double, life expectancy increased by 16yrs & primary School enrollment became nearly universal among children during 1960 - 2000, rapid population growth poses myriad challenges that are both privately & publically daunting.
These challenges include the need for more food (Agribusiness Opportunities), clothing, housing, education, & Infrastructure; the absorption of sizable numbers into productive employment; and more strenuous environmental protection.
Indeed, the overall slowdown in the rate of world population growth masks significant shifts in the distribution of world population by development status & geographic region.
Countries, the United Nations classifies as less developed encompassed 68% of world population in 1950; today they represent 84%. This share will continue to rise because virtually all the nearly 2 billion net additions to world population projected over the next three decades will occur in less developed regions.
This is a major concern became less developed regions tend to be more fragile - politically, socially, economically & ecologically than our more developed counter parts.
With 1.44 billion people, China currently has the largest national population in the world, followed by India, with 1.38 billion. But by the end of this decade, India will be the most populous country, with a projected 1.50 billion people, compared to the China's peak population of 1.46 billion.
Between 2020 & 2050 , Nigeria currently with 206.14 million people ranked 7th in the world is projected to overtake the United States currently ranked 3rd in the world with 331 million people, to become the world's third most populous nation & Pakistan - already among the 10 most populous ranked 5th with population of 220.89 million people - will surge forward. Currently
East Africa stands at 443,701,268 (443.701268 million) people, with 5.71% of the world's population ranked 1st in Africa by sub-regions' population and among the the regions with a high population growth in the world.
Asia will continue to be home to dominant but declining share of the world's population (60% today & 54% in 2050).
Notwithstanding continued global population growth, in 61 countries & territories that are currently home to 29% of the world's people, population growth in 2020 - 2050 is projected to be negative with sharpest decline ( -23% projected for Bulgaria).
From that analysis we can find out that Covid-19 has highlighted the significance of Agriculture & Agribusiness at large since the enforced prevention & control measures adopted & implemented by various states has compromised on most of other enterprises' operations.
At this moment it's Agriculture & Agribusiness supporting most of the less developed countries & emerging market trends, hence some of these countries have been resistant to this pandemic's economic effects so far. Countries like Tanzania are registering economic growth amidst this Pandemic.
Hence we should invest more in Agribusiness, most esecially along the value chain nodes to create the lost employment opportunities during this Pandemic. Hence we can attain an economically prosperous post Covid-19 Pandemic then reignite our economies.