600 million more jobs will be needed in the next 15 years, says a new World Bank report
Washington, October 1, 2012 – Over the next 15 years an additional 600 million new jobs will be needed to absorb burgeoning working-age populations, mainly in Asia and Sub-Saharan Africa, says a new World Bank report.
The World Bank's flagship report—World Development Report—finds that some 200 million people are currently unemployed, as the world struggles to emerge from the global crisis. Many millions more, most of them women, find themselves shut out of the labor force altogether.
In the developing world, jobs are critical for reducing poverty, making cities work, providing youth with alternatives to violence, and ultimately, stimulating development. The report stresses that the private sector is the key engine of job creation. Efficiency increases as workers get better at what they do, as more productive jobs appear, and as less productive ones disappear. Societies flourish as jobs foster diversity and provide alternatives to conflict.
The World Bank President Jim Yong Kim says that 90 per cent of all jobs in developing countries are created by the private sector, and the role of governments to create conditions that will encourage such investments is critical. Watch the video here:
Learn more about the report