World Bank President Ajay Banga has warned of a projected global jobs gap of 800 million as 1.2 billion young people are expected to enter the labour market over the next 10 to 15 years.
Speaking at the World Bank-International Monetary Fund Annual Meetings in Bangkok, Banga called for increased investment in infrastructure, energy, agriculture and small businesses to accelerate job creation.
He said expanding investment in these sectors would be critical to creating employment opportunities for the growing number of young people entering the workforce.
Banga also highlighted efforts to mobilise private capital to support development and economic growth, saying the World Bank mobilised 112 billion US dollars in private capital in the previous year, up from 35 billion dollars in 2022.
The projected jobs gap highlights the challenge facing governments and development institutions as they seek to ensure that employment opportunities keep pace with the number of young people joining the labour market.
Investment in productive sectors and businesses is expected to play a key role in supporting job creation and expanding economic opportunities.
