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European young adults show lack of entrepreneurial spirit

Europe lagging behind the Caribbean and Latin America

By CBR Staff Writer

European millennials in 18 – 34 age group are more entrepreneurial than generation X and baby boomers, but they don’t match the activity of their global peers.

A report by the Global Entrepreneurship Monitor (GEM) said, European millennials have shown the lowest levels of entrepreneurial activity with only one fifth of the millennials belonging to European culture countries (ECC) expressing an interest in starting their own venture compared with half in sub-Saharan Africa (SSA ) wanting their own business.

In terms of early-stage and established entrepreneurial activity SSA and Latin America and the Caribbean (LAC) took the top spots and ECC was recorded as the worst performing region.

GEM executive director Mike Herrington said: "A shortage of employment opportunities, especially amongst younger generations, is a major problem in the world. This has been exacerbated by the financial crisis and global economic downturn.

"Fostering effective entrepreneurial activity among younger generations is seen as a critical development strategy in order to integrate them into the labour market and harness their potential to contribute to sustainable economic development."

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