The World Bank's leader prioritizes job creation in developing nations.
World Bank Chief Ajay Banga has outlined strategies before the yearly gathering of the International Monetary Fund (IMF) and World Bank, emphasizing the generation of employment, primarily in developing economies. This move aims to alleviate social discontent and migration pressures. Furthermore, he intends to concentrate on addressing gender disparities and ensuring food supply, as reported to news agency AFP in an interview.
Approximately 1.2 billion young individuals residing in developing nations are expected to enter the workforce within the next 12 to 15 years. Regrettably, only approximately 400 million jobs are forecasted in these regions. "This represents a considerable deficit," Banga stated.
"If these individuals are not provided with access to clean environment, clean water, healthcare, education, and job opportunities, then social issues, migration, and an unwell population will arise," he cautioned. "We must promptly devise strategies to address this concern."
With this objective in mind, the World Bank has established a panel chaired by Singapore's President Tharman Shanmugaratnam and former Chilean President Michelle Bachelet, scheduled to convene for the first time in Washington next Wednesday. Banga underscored that the primary query will revolve around generating employment through "appropriate regulatory policies."
Furthermore, the World Bank intends to reveal fresh targets aiming to counteract global gender disparities and, by focusing on food security, to advocate for agriculture. The IMF and World Bank annual conference, attended by finance ministers and central bank governors from various nations, commences on Monday.
The formation of the panel chaired by Singapore's President Tharman Shanmugaratnam and former Chilean President Michelle Bachelet is a step towards addressing the employment deficit, as highlighted by Banga. He emphasizes the need for appropriate regulatory policies to generate employment.
Banga also mentioned the World Bank's intention to reveal fresh targets, aiming to counteract global gender disparities and advocate for agriculture through food security, which is crucial for job creation and ensuring food supply.
