World Bank Launches Bold Initiative to Tackle Jobs Crisis

News Today: World Bank to address global employment crisis with new advisory council

The World Bank Group has announced the launch of the High-Level Advisory Council on Jobs, a significant initiative aimed at tackling the growing global employment crisis, particularly in the Global South. Over the next decade, 1.2 billion young people in the Global South will reach working age, while only 420 million jobs are expected to be created. This gap leaves nearly 800 million young adults without clear employment opportunities. The High-Level Advisory Council, led by Tharman Shanmugaratnam, President of Singapore, and Michelle Bachelet, former President of Chile, will focus on transforming this challenge into an opportunity to drive future prosperity.

The initiative will emphasize youth and female employment, addressing the current global labor force participation rate, which stands at just over 50% for women compared to 80% for men. By bringing together experts from government, business, civil society, and academia, the Council aims to develop actionable strategies that can be piloted in real-world applications and scaled if successful. The goal is to create large-scale employment opportunities that will benefit the millions of young people entering the job market in the coming years. The World Bank Group’s dedication to this initiative underscores the urgent need to address the looming jobs crisis and turn it into a catalyst for global economic growth and prosperity.