The World Bank Group today announced the launch of the High-Level Advisory Council on Jobs, a new initiative aimed at identifying actionable policies and programs to address the looming jobs crisis in the Global South.
Over the next decade, an unprecedented 1.2 billion young people in the Global South will reach working age. However, the job market is projected to create only 420 million jobs, leaving nearly 800 million without clear employment prospects. Although some young people will pursue further education, their eventual entry into the labor market will exacerbate this challenge.
The High-Level Advisory Council is designed to transform this challenge into an opportunity for future prosperity by focusing on youth and female employment opportunities. Currently, the global labor force participation rate for women is just over 50%, much lower than the 80% rate for men in some regions.
The Council will convene leading experts from government, business, civil society, and academia to offer thought leadership and develop strategies for creating large-scale employment opportunities. These strategies will be examined within the World Bank Group with a view to piloting them in various countries. Successful initiatives will be scaled up over time to effectively address the jobs challenge.
Tharman Shanmugaratnam, President of Singapore and former Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, along with Michelle Bachelet, former President of Chile and Head of Government for two terms (2006-2010 and 2014-2018), will co-chair the Council.
“Creating jobs is the surest way to combat poverty and grow prosperity,” said World Bank Group President Ajay Banga. “A job is the most meaningful yardstick of success for any individual: with a job comes dignity, pride, and the ability to provide for yourself and your family. We are launching the Council to set our development strategy on a foundation of creating employment opportunities in all corners of the globe.”
“Good jobs are at the core of aspirations everywhere but also a growing challenge in light of rapidly advancing technologies, geoeconomic uncertainty, and climate threats,” said Shanmugaratnam. “New strategies are needed to achieve sustained job and income growth among developing world populations.”
“The challenge is unprecedented in modern history: we must provide meaningful job opportunities for hundreds of millions of young people and women in the Global South,” said Bachelet. “This High-Level Advisory Council will seek to identify policies that are both effective and can be implemented on the ground."
The Council plans to meet regularly and work directly with Banga and World Bank Group senior leadership. The members of the Council will be announced soon. The first meeting is expected during the 2024 World Bank Group-IMF Annual Meetings.