Editor’s Opinion: If refugees are able to contribute to the informal economy of receiving countries, they may just be the hidden gems developed nations need to grow a sustainable economy. Therefore, rather than viewing the displaced population in a negative light, they should be given the opportunity and access to education.
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Refugee entrepreneurship is beneficial to the economy
Research shows that these refugees are predominantly entrepreneurial regardless of their current status.
Typically, refugees encounter various obstacles when trying to build businesses due to a deprivation of formal education, financial woes, social networks, command of English language and lack of comprehension in the local market and regulations.
However, over time they set money aside from their jobs to raise venture capital and generally kickoff their business in partnerships with friends and family members, while some work with individuals they met in camps to establish business.
In general, there are more refugee entrepreneurs as opposed to the citizens of receiving countries. The business are typically established out of necessity rather than being a cultural phenomenon, especially since many of them have prior entrepreneurship experience before their resettlement. For refugees worldwide, their businesses often contribute to the informal economy, particularly in Africa, Asia and Latin America.
Moreover, research shows that these refugees are predominantly entrepreneurial regardless of their current status. Despite so, they are often viewed in a negative light and are fundamentally seen as a drain on the economy and inconformable with societies of developed nations.
Editor’s Opinion:
If refugees are able to contribute to the informal economy of receiving countries, they may just be the hidden gems developed nations need to grow a sustainable economy. Therefore, rather than viewing the displaced population in a negative light, they should be given the opportunity and access to education. By opening the doors of universities to this group of individuals, they may in return give back to the society with the skills and knowledge acquired through their higher education journey.
The opinions expressed above are those of the editor and not necessarily those of QS Asia.
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Source: WE Forum