World Bank Steps Up Focus on Creating Jobs for 1.2 Billion Young People
Amul Info ·
The World Bank has made expanding economic opportunities and creating jobs for approximately 1.2 billion young people expected to reach adulthood over the next 15 years a key priority.
The World Bank has identified expanding economic opportunities and creating new jobs for approximately 1.2 billion young people who will reach adulthood over the next 15 years as one of its key priorities.
World Bank President Ajay Banga made the announcement while speaking at the autumn meetings of the governing bodies of the International Monetary Fund and the World Bank, held in Bangkok.
According to Banga, around 1.2 billion young people will turn 18 over the next 15 years. Providing this generation with quality education, healthcare services, clean water and air, as well as the necessary conditions to acquire professional skills, could create significant demographic opportunities.
Ajay Banga stressed the importance of creating sufficient jobs so that young people can actively participate in the economy after reaching adulthood and become productive members of society.
According to the World Bank president, the organisation is also taking a new approach to the infrastructure projects it finances. From road construction to the development of schools and healthcare facilities, greater attention is now being paid to the contribution these projects make to job creation.
Banga cited Singapore as one of the countries with successful experience in this area. He also emphasised the important role of private capital in generating employment.
According to the World Bank president, when governments create the necessary conditions for business activity and investment, the private sector provides the majority of jobs. Based on the figures he cited, the private sector accounts for 75–85 percent of jobs in various countries.
Speaking about the use of artificial intelligence in emerging markets, Ajay Banga stressed that the main objective should be to use the technology not merely as an innovative solution, but as a practical tool for increasing labour productivity.
In his view, one of the greatest opportunities offered by artificial intelligence lies in developing practical applications that can significantly improve efficiency in areas such as education, healthcare and agriculture.
At the same time, the World Bank president acknowledged that concerns about artificial intelligence causing some job losses in developing countries were not unfounded. Nevertheless, he noted that there is currently no evidence confirming that this is happening on a widespread scale.
Banga emphasised that the widespread adoption of technologies referred to as “small AI” should primarily focus on increasing labour productivity and expanding people’s capabilities.