World Bank Warns of Global Jobs Shortfall
World Bank President Ajay Banga warned of a looming global jobs crisis that could hit developing countries even after the end of the war in the Middle East. About 1.2 billion people are expected to enter the labor market over the next 10–15 years, but only around 400 million jobs are projected to be created under current trends.
That would leave a shortfall of roughly 800 million jobs. Banga said that while world leaders are focused on war, long-term challenges cannot be ignored.
The employment issue is expected to feature prominently at the spring meetings of the World Bank and the International Monetary Fund (IMF) in Washington, held in the shadow of the conflict involving the US, Israel and Iran.
The World Bank plans to work with developing countries to improve conditions for investment and job creation, including reforms to regulation, labor law and anti-corruption efforts.
Banga warned that failure to address the problem could fuel illegal migration and instability. He stressed the need to involve the private sector and encourage investment in infrastructure, agriculture and health.