Jobs are seen as a key result of successful development, according to the World Bank Group. The organization says that jobs play a crucial role in reducing poverty and improving lives by offering hope, dignity, and better prospects for individuals.
The World Bank Group has announced changes to its operations with a focus on linking all activities to employment outcomes. "That’s why the World Bank Group is changing the way we do things—ensuring that all our operations have a clear line of sight to employment."
Efforts to create jobs involve investing in basic infrastructure, supporting environments favorable for businesses, and attracting private investment. The World Bank Group's public sector entities, IDA and IBRD, provide funding for essential human and physical infrastructure to support both people and businesses.
Additionally, the organization collaborates with governments to foster conditions that encourage entrepreneurship and job creation by identifying sectors with high growth potential and designing reforms aimed at stimulating economic expansion. However, given limited public resources worldwide, the group highlights the importance of mobilizing private capital through its arms IFC and MIGA. These institutions help channel private investment by providing equity and guarantees that allow entrepreneurs and companies to grow their businesses.
"Creating jobs requires investing in foundational infrastructure, supporting a business-friendly environment, and mobilizing private capital. The World Bank Group’s public sector arms—IDA and IBRD—help finance essential human and physical infrastructure so people and businesses can thrive. We also work with governments to build environments that spur entrepreneurship and job creation—identifying high-potential sectors and designing targeted reforms to unlock growth. But in a resource-constrained world, public finance isn’t enough. Through IFC and MIGA, we help mobilize private capital, equity, and guarantees—empowering entrepreneurs and firms to expand and create the jobs of tomorrow."
With 1.2 billion young people expected to reach working age within the next decade globally, there is an urgent need for more job opportunities.
The World Bank Group emphasizes its ongoing role as an important partner in meeting this challenge by supporting policies designed to generate employment.