World Bank Podcast Highlights Urgent Need for Job Creation in Emerging Economies

By Newspot Nigeria Global Desk

In a recent episode of The Development Podcast by the World Bank Group, global leaders and experts underscored the pressing challenge of job creation for young people in developing economies. With 1.2 billion young individuals expected to reach working age in the next decade—yet only 420 million jobs projected—finding sustainable solutions has never been more critical.

Ajay Banga, President of the World Bank Group, highlighted a three-part strategy to address this issue. The World Bank’s public sector arms will focus on foundational infrastructure, such as education, healthcare, and food security, while supporting policy reforms. Through its private sector branches, IFC and MIGA, the institution aims to mobilize investments in critical job-generating sectors, including energy, agriculture, tourism, healthcare, and manufacturing.

The podcast also featured the inspiring story of Christina Williams, a Jamaican lawyer and activist, who shared her journey from a disadvantaged background to becoming a voice for youth empowerment. Williams emphasized the importance of holistic development—beyond mere survival—to achieve liberation for young people.

“Development is not just for survival but for liberation,” Williams remarked, recounting her experience growing up in a rural farming community without basic amenities but overcoming adversity through education.

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The episode also explored the vital role of the private sector in job creation. Omprakash Shukla, Chairman and founder of Royal Group of Companies, shared his company’s growth story in Kenya’s textile sector, where over 5,800 jobs have been created—70% of which are held by women. Shukla emphasized that the company’s success is not just in revenue but in transforming lives.

Sharon Maithia, Logistics Manager at Royal Group, shared how her employment at the company has enabled her to achieve financial stability and support her family. “I’ve also been able to be supported by the company to even obtain property for my kids, a house,” she said.

As the World Bank Group intensifies its focus on job creation, it is clear that multi-stakeholder approaches—combining public and private sector efforts—are essential for sustainable progress.

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