THE World Bank President Ajay Banga is prioritizing job creation in emerging markets, with multiple major developments and speeches highlighting this theme:
🌍 Central Priority: Job Creation in Emerging Markets
Ajay Banga — president of the World Bank Group — has placed job creation at the center of the Bank’s mission, calling it the “North Star” of development efforts rather than a by‑product of economic growth. He argues that creating meaningful employment is crucial for reducing poverty, advancing stability, and enabling inclusive economic growth, especially in emerging and developing economies.
📊 Looming Job Gap and Youth Challenge
Banga has repeatedly warned of a looming global job gap in emerging markets. He emphasizes that over the next decade, more than a billion young people will enter the workforce, but current trajectories suggest only a fraction of the required jobs will be created, risking social and economic instability.
At the World Bank’s Annual Meetings, he highlighted that 1.2 billion youths in emerging markets will need jobs but forecasts show only about 400 million new roles created unless efforts accelerate.
This shortfall underscores the need for bold policy reforms, private sector investment, and collaborative strategies with governments and civil society.
🧭 Shifting Strategy: From Projects to Outcomes
Under Banga’s leadership, the World Bank is shifting from traditional project funding to outcome‑focused strategies that link development sectors to job creation:
Infrastructure – building roads, power systems, and connectivity that enable businesses and labor markets to flourish.
Agribusiness – expanding markets and productivity in farming to generate jobs at scale, particularly in rural areas. Plans include billions in new financing and partnerships to transform smallholder agriculture into more productive, job‑rich systems.
Banga stresses that public financing alone won’t be enough to close the jobs gap. He is actively seeking to mobilize private capital and build conditions that attract investors to emerging markets — from improving regulatory environments to offering risk mitigation tools.
🗣 Messaging to Governments and Civil Society
In multiple engagements — from civil society forums to high‑level policy events — Banga has emphasized that:
Jobs are essential for dignity and prosperity, not just income.
Local business growth, anti‑corruption measures, and infrastructure are key enablers.
Trade liberalization and regulatory reform can unlock broader economic opportunities and spur employment.
Banga’s focus on jobs also dovetails with broader development goals like education, energy access, and health — illustrating a strategy where job growth is the ultimate outcome of coordinated development success across sectors.
If you’d like, I can provide direct links to Banga’s speeches or transcripts where he explains these job strategies in his own words.
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