WB to support job creation, inclusive growth

The World Bank will support the government in prioritising job creation, notably for youth and women in Bangladesh.

The multilateral lender said this in a statement as Johannes Zutt, its vice president for South Asia, concluded a three-day visit to Dhaka today. 

During the visit, he met with the finance and planning minister, commerce minister, prime minister’s adviser on finance and planning, and the Bangladesh Bank governor to discuss the government’s development priorities and the areas in which the World Bank Group can help.

The WB said the government places a high priority on large-scale job creation, alongside skills and investment, and the lender shares this commitment.

“In this context, we are stepping up our focus on supporting the government priority of creating jobs, notably for youth and women.”

In the past decade, 14 million youth entered Bangladesh’s labour market, competing for only 8.7 million jobs, it added.

“This means that nearly half of working-age youth did not find jobs. Young women face particularly steep barriers,” said Zutt. 

“With global uncertainties rising, it is urgent for the government to undertake the long-pending macroeconomic and financial sector reforms that are needed to address foundational bottlenecks to economic growth and job creation.”