US EditionWorld Bank's Banga Warns of 800 Million Job Shortfall in Developing Countries
Banga said developing countries will need private investment and policy reforms as only 400 million jobs are expected for 1.2 billion new workers.
- World Bank President Ajay Banga warned of a looming crisis this week in Washington: a projected deficit of 800 million jobs for the 1.2 billion people reaching working age in developing countries over the next 10 to 15 years.
- Global finance officials gathering in Washington face immediate pressures from the Middle East war and its threat to slow growth, yet Banga emphasized the urgent need to balance short-term economic shocks with long-term employment challenges.
- Developing economies are currently on a trajectory to generate only about 400 million jobs, Banga told Reuters, leaving infrastructure, agriculture, and manufacturing as sectors less reliant on global trade volatility.
- The World Bank plans to announce a push ensuring one billion more people have clean water access, while continuing efforts to connect 300 million households in Africa with electricity and attracting private sector investment.
- Banga warned that failure to address these challenges could trigger severe implications for global stability and illegal migration, urging leaders to create dignity and employment for the next generation.
17 Articles
17 Articles
World Bank chief sounds alarm about looming jobs crisis even after war ends
The Middle East war will dominate global finance officials' talks this week in Washington, but World Bank President Ajay Banga is sounding the alarm about a bigger, looming crisis: a huge gap in jobs for the 1.2 billion people who will reach working age in developing countries in the next 10 to 15 years.
World Bank President Ajay Banga warns that the global economy is facing a major job crisis, while the conflict in the Middle East continues to dominate an international agenda, stressing that up to 800 million...
Global jobs gap may leave 800 million unemployed, warns World Bank Chief
World Bank President Ajay Banga has warned of a deepening global employment crisis, cautioning that a looming jobs gap could leave hundreds of millions without work in the coming decades, exacerbated by the prolonged West Asia crisis.
The war in the Middle East will dominate the discussions of global financial officials this week in Washington, but World Bank President Ajay Banga warns that a much larger problem is becoming the horizon.
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