WB Group launches advisory council to address global jobs crisis

The World Bank Group has launched a High-Level Advisory Council on Jobs to tackle the looming jobs crisis in the Global South. This Council will develop actionable policies to create job opportunities for the region’s growing youth population.

With 1.2 billion young people in the Global South expected to enter the workforce in the next decade and only 420 million jobs are projected, the Council aims to address this significant gap. Moreover, the Council will focus on increasing youth and female employment, given that women’s global labour force participation stands at just over 50 per cent compared to 80 per cent for men.

“Creating jobs is the surest way to combat poverty and foster prosperity. A job brings dignity, pride, and the ability to support oneself and one’s family. This council plays a crucial role in our strategy to create global employment opportunities.” Ajay Banga stated.

Tharman Shanmugaratnam, President of Singapore, and Michelle Bachelet, former president of Chile, will co-chair the Council. Moreover, the first meeting of the council will coincide with the 2024 World Bank Group-IMF Annual Meetings.

Attribution: World Bank Group Statement

Subediting: M. S. Salama