By zainab.joaque@awokonewspapersl.com
Freetown, SIERRA LEONE – The World Bank has issued a stark warning about an impending global employment crisis, as it revealed that over 1.2 billion young people in developing and emerging economies will reach working age within the next decade—yet only 420 million jobs are expected to be created in that time.
This alarming jobs deficit, projected at nearly 800 million, was the central focus of a high-level panel discussion at the World Bank Group’s 2025 Spring Meetings. Experts and policymakers cautioned that failure to close this gap could derail economic progress, fuel social unrest, and reverse gains in poverty reduction.
Moderating the event titled “Jobs – The Path to Prosperity”, journalist Julia Chatterley said the stakes could not be higher:
“Failure to close that gap will have stark consequences for all. Yet, if we act decisively, we can drive job creation, strengthen economies, and tackle the root causes of conflict and instability.”
Echoing this urgency, Nicola Galombik, a leading advocate for youth employment in South Africa, warned:
“I have a tremendous sense of urgency for us to create as many jobs as we possibly can. The time to act is now.”
Egypt’s Minister of Planning, Rania Al-Mashat, outlined a comprehensive framework to stimulate job creation, built on three core pillars:
- Economic Infrastructure: Promoting macroeconomic stability and reforms to ease doing business and encourage competition.
- Physical Infrastructure: Investing in essential services like roads, energy, and digital connectivity to draw in private investment.
- Human Capital: Equipping young people with skills that match the needs of a rapidly evolving private sector.
Douglas L. Peterson, Senior Advisor at S&P Global, underscored the importance of regulatory environments that attract investment and allow businesses to operate smoothly—even through failure and restructuring.
A recurring theme during the session was the need to mobilize both international and domestic capital. Dilhan Pillay Sandrasegara, CEO of Temasek Holdings, stressed the importance of making infrastructure projects financially viable in emerging markets.
The World Bank’s Private Sector Investment Lab was hailed as a key initiative, designed to accelerate private capital flow through innovative financial structures. Al-Mashat added that combining foreign direct investment with domestic resource mobilization and capital market development was vital to creating long-term, impactful financing solutions.
Panelists also pinpointed sectors with strong job creation potential:
- Agrifood: Technology and finance support for smallholder farmers to enhance productivity and food security.
- Tourism: Known for its job multiplier effect, generating four indirect jobs for every one direct position.
- Infrastructure: Large-scale projects that drive further development and economic growth.
- Digital Economy: Critical to empowering youth and entrepreneurs, especially in underserved areas.
As the event drew to a close, a unified call to action emerged.
“We have the marching orders, we have the blueprints,” Galombik said. “Now we must move swiftly, decisively, and together.”
World Bank leaders reaffirmed their commitment to embedding job creation at the heart of all projects and partnerships. In its latest report, the institution declared:
“Jobs are the surest way to fight poverty and unlock prosperity. Now is the time to act.” ZIJ/21/5/2025
