World Bank Group Unveils High-Level Council to Address Growing Jobs Crisis
The World Bank Group has announced the formation of the High-Level Advisory Council on Jobs, a new initiative aimed at tackling the pressing jobs crisis facing the Global South. This Council will be co-chaired by Tharman Shanmugaratnam, President of Singapore, and Michelle Bachelet, former President of Chile.
The initiative comes in response to the alarming forecast that, over the next decade, 1.2 billion young people in the Global South will enter the workforce. However, the job market is only projected to generate 420 million jobs, leaving nearly 800 million individuals without clear prospects for prosperity.
This situation is further compounded by the anticipated entry of young people currently engaged in further education.
The High-Level Advisory Council will focus on devising actionable strategies to enhance employment opportunities, particularly for youth and women. Women’s participation in the global labour force stands at just over 50%, significantly lower than the 80% rate for men in some regions.
The Council aims to bring together experts from various sectors, including government, business, civil society, and academia, to provide thought leadership and develop large-scale employment strategies. These strategies will be tested in pilot programmes within the World Bank Group and scaled up based on their success.
Tharman Shanmugaratnam, who has served as Deputy Prime Minister and Coordinating Minister for Economic and Social Policies in Singapore, emphasised the need for new strategies in light of rapid technological advancements, geoeconomic uncertainties, and climate threats.
“New strategies are essential to achieve sustained job and income growth in developing world populations,” he stated.
Michelle Bachelet, who served as President of Chile for two terms, highlighted the unprecedented nature of the challenge.
“We must provide meaningful job opportunities for millions of young people and women in the Global South. This Council will focus on effective and implementable policies to ensure economic growth and social justice are achieved together,” she said.
World Bank Group President Ajay Banga underscored the importance of job creation in combating poverty and fostering prosperity.
“A job is a significant measure of success, bringing dignity and the ability to provide for oneself and one’s family. This Council aims to lay the groundwork for creating employment opportunities globally,” he said.
The High-Level Advisory Council will convene regularly and collaborate closely with Banga and the World Bank Group’s senior leadership. The members of the Council will be announced soon, with the first meeting scheduled to take place during the 2024 World Bank Group-IMF Annual Meetings.
