Nearly half of Bangladesh’s working-age youth lacked jobs over the past decade: World Bank VP
World Bank Vice President for South Asia Johannes Zutt said, “Nearly half of working-age youth did not find jobs. Young women face particularly steep barriers.”
“In the past decade, 14 million youth entered Bangladesh’s labor market, competing for only 8.7 million jobs,” he said this in a statement on Tuesday.
The World Bank Vice President concluded a 3-day visit to Bangladesh today, Tuesday during which he met with senior leadership from the government as well as other government officials and civil society representatives, according to the statement.
He met with the Finance and Planning Minister, Commerce Minister, Prime Minister’s Adviser on Finance and Planning, and the Bangladesh Bank Governor to discuss the government’s development priorities and the areas in which the World Bank Group can help.
Johannes Zutt said, “The government (of Bangladesh) places a high priority on large-scale job creation, alongside skills and investment, and the World Bank Group shares this commitment,” said Zutt. “In this context, we are stepping up our focus on supporting the government priority of creating jobs, notably for youth and women.”
“With global uncertainties rising, it is urgent for the government to undertake the long-pending macro-economic and financial sector reforms that are needed to address foundational bottlenecks to economic growth and job creation,” he added.
The statement said the World Bank Group is helping countries to build economies that convert growth into local jobs—not by shifting work from developed countries, but by unlocking opportunity where people already live.
To accelerate job creation at scale, the World Bank Group invests in the foundational physical and human infrastructure for jobs, supports a business-friendly environment, and mobilizes private capital.
The World Bank was among the first development partners to support Bangladesh following its independence and has committed more than $46 billion in International Development Association (IDA) financing in the form of grants, interest-free loans, and concessional credits to help the country address its development priorities, it reads.