The World Bank plans to introduce initiatives aimed at job creation, reducing gender disparities, and ensuring food security during next weeks meeting of global finance ministers and central bankers in Washington, as announced by its president, Ajay Banga.
Sixteen months into his tenure, speaking on his focus on generating jobs as a critical goal for the institution, the former Mastercard CEO said he had made substantial progress in his vision of creating a better bank and a bigger bank.
Banga emphasised the urgency of tackling the employment gap in emerging markets, noting that 1.2 billion young people will reach working age in these regions over the next 12-15 years. The same countries are currently forecast to generate a little north of 400 million jobs. Thats a big gap, he said.
He warned that failing to provide these populations with clean air, water, healthcare, education, and jobs could lead to social instability and migration challenges.
The World Bank has formed an advisory council on employment, chaired by Singaporean President Tharman Shanmugaratnam and former Chilean President Michelle Bachelet, with its inaugural meeting scheduled for Wednesday in Washington. Banga expressed hopes for progress on policies that could stimulate job creation in these countries, especially in Africa, where a third of the 1.2 billion young people will reside.
