World Bank Group Launches High-Level Advisory Council on Jobs in Global South

The High-Level Advisory Council will consist of experts from government, business, civil society, and academia who will collaborate to develop actionable strategies for large-scale employment creation.

The World Bank Group has unveiled a new initiative, the High-Level Advisory Council on Jobs, aimed at addressing the significant employment crisis anticipated in the Global South over the next decade. With 1.2 billion young people expected to enter the workforce during this period, the job market is projected to create only 420 million jobs, leaving nearly 800 million young people without a clear path to economic stability.

This Council represents a strategic effort by the World Bank Group to convert this daunting challenge into a catalyst for future prosperity. Its primary focus will be on enhancing employment opportunities for youth and women. Currently, the global labor force participation rate for women stands at just over 50%, significantly lower than the 80% rate for men, with even more pronounced disparities in certain regions.

The High-Level Advisory Council will consist of experts from government, business, civil society, and academia who will collaborate to develop actionable strategies for large-scale employment creation. These strategies will be vetted and tested through pilot programs in various countries, with successful approaches scaled up to address the global jobs crisis.

The Council will be co-chaired by Tharman Shanmugaratnam, President of Singapore and former Deputy Prime Minister, and Michelle Bachelet, former President of Chile. Their leadership aims to drive innovative solutions to the employment challenges exacerbated by advancing technologies, economic uncertainties, and climate change.

World Bank Group President Ajay Banga emphasized the crucial role of job creation in combating poverty and fostering prosperity. He stated, “A job is the most meaningful yardstick of success for any individual: with a job comes dignity, pride, and the ability to provide for yourself and your family.”

Shanmugaratnam highlighted the need for new strategies to ensure sustained job and income growth, noting that the evolving global landscape requires a fresh approach. Bachelet echoed this sentiment, stressing the importance of effective and implementable policies to prepare young people and women for both current and future challenges.

The Council is set to convene its first meeting during the 2024 World Bank Group-IMF Annual Meetings. Details regarding the Council’s members will be announced soon. The initiative marks a significant commitment to creating employment opportunities that align with broader economic and social goals for a more inclusive global economy.