By Jhangir Shah Kakar
Youth and the economy are closely intertwined. The youth force, with its intellectual abilities and extraordinary capabilities, plays a critical role in driving the economy. Youth serves as an economic engine, contributing to productivity, innovation, and growth.
Therefore, youth is considered an invaluable asset for any economy. They are often referred to as “economic human capital”—a group that contributes to the economy through skills, knowledge, and experience. Roger Spitz aptly stated, “Human capital is without a doubt the most important intangible asset to develop and will continue to be.”
Countries with well-developed human resources enjoy significant economic advantages. Nations like Korea, the United States, Japan, Singapore, and China have heavily invested in their people, resulting in economic strength and resilience.
Human capital is crucial for economic prosperity. Well-prepared human capital not only stimulates economic growth but also helps elevate an economy to its peak. Investing in minds is considered a productive and forward-looking investment.
In business, firms and organizations need competent, motivated employees. Innovation in business depends on creative minds and intellectual capability. With the increasingly globalized economy, businesses have adopted new technologies that demand a more educated and skilled workforce.
Institutions are the foundation of any country, led by groups of experts. In the modern era, institutional functions have evolved from traditional methods to more technologically driven processes. To keep these institutions running efficiently, nations must bring in skilled youth.
To achieve higher growth, improve business competitiveness, and maintain well-functioning institutions, governments need to invest effectively in youth-centered initiatives. This requires a human resource management strategy that fosters strong linkages between industries and academia.
Jhangir Kakar, a young writer from Balochistan. He writes on politics, the economy, and governance
