Job Crisis: World Bank Launches Advisory Council To Help Vulnerable Countries
The World Bank Group has set up a high-level advisory council to address the impending jobs crisis in the less economically advanced countries of Africa, Asia, and Latin America, referred to as the Global South.
Global South countries, include, Nigeria, China, India, Indonesia, Brazil, Pakistan and Mexico, which are the largest Southern states in terms of land area and population.
This initiative was announced in a press release seen on the World Bank’s official website on Monday, with the aim of identifying actionable policies and programmes to tackle this looming challenge.
The high-level advisory council is a dedicated initiative by the World Bank Group designed to transform this challenge into an opportunity for driving future prosperity, with a particular focus on youth and female employment opportunities. Currently, the global labour force participation rate for women is just over 50 percent—much lower in some regions—compared to 80 percent for men.
Over the next 10 years, an estimated 1.2 billion young people in the Global South will enter the workforce.
However, with the job market projected to create only 420 million positions, nearly 800 million individuals may struggle to find employment.
Although some of these young people will continue with further education, their eventual entry into the workforce will add to the existing challenges.
The council aims to unite top experts from various sectors, including government, business, civil society, and academia, to provide thought leadership and develop practical strategies for generating large-scale employment opportunities.
These strategies will be assessed within the World Bank Group and piloted in collaboration with countries to test their effectiveness. Successful initiatives will then be expanded in the coming years to address the pressing jobs challenge.
The council will be co-chaired by Tharman Shanmugaratnam, president of the Republic of Singapore and former deputy prime minister, and Michelle Bachelet, former president of Chile, who led her country during two separate terms (2006-2010 and 2014-2018).
Ajay Banga, World Bank group president, said creating jobs is one of the most effective ways of combating poverty and fostering prosperity.
He said, “Creating jobs is the surest way to combat poverty and grow prosperity. A job is the most meaningful yardstick of success for any individual: with a job comes dignity, pride, and the ability to provide for yourself and your family.
“We are launching the Council to set our development strategy on a foundation of creating employment opportunities in all corners of the globe.”
In a similar vein, Shanmugaratnam said, “Good jobs are at the core of aspirations everywhere, but also a growing challenge in the face of rapidly advancing technologies, geoeconomic uncertainty and climate threats,” said Shanmugaratnam.
“New strategies are needed to achieve sustained job and income growth among developing world populations, and the benefits this will bring for the global economy too.
“The challenge is unprecedented in modern history: we must provide meaningful job opportunities for hundreds of millions of young people and women in the Global South,” said Bachelet.
“This High-Level Advisory Council will seek to identify policies that are both effective and can be implemented on the ground, ensuring that economic growth and social justice go hand in hand.”
The Council is set to convene regularly and collaborate closely with Banga and the senior leadership of the World Bank Group. The members of the Council will be revealed shortly, with plans to hold their inaugural meeting during the 2024 World Bank Group-IMF Annual Meetings.
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