About half of the youth who entered the labor market in Bangladesh in the past decade have not found a job, said Johannes Zutt, vice president for South Asia at the World Bank.
He also said that the situation of young people in terms of employment is more challenging.
His statement sent to the media on Tuesday (March 17). He left Dhaka on the same day after a three-day visit.
The statement said that about 14 million youth have entered the country's labor market in the past decade. In contrast, only about 8.7 million jobs have been created.
As a result, a large portion remains unemployed, which could put pressure on the economy in the long term.
During his stay in Dhaka, Johannes Jatt held meetings with the Minister of Finance and Planning, the Minister of Commerce, the Prime Minister's Advisor on Finance and Planning and the Governor of Bangladesh Bank.
The government's development priorities and potential areas of cooperation were discussed in these meetings.
He said that the government is emphasizing on large-scale job creation, skill development and increasing investment. The World Bank is committed to strengthening its support to achieve this goal. Emphasis is being placed on increasing cooperation in job creation, especially for youth and women.
He stressed the importance of structural reforms to sustain economic growth and increase employment in the context of global uncertainty.
Zutt also commented that it is urgent to implement long-overdue macroeconomic and financial sector reforms quickly.
The statement further said that the World Bank is working to build economies in member countries where the benefits of growth are directly translated into employment. To this end, various assistance is being provided to invest in physical and human infrastructure, create a business-friendly environment, and attract investment in the private sector.
It is worth noting that the World Bank has been working as one of the development partners of Bangladesh since independence. The organization has so far pledged more than $46 billion in financing for the country, which includes grants, interest-free and low-interest loans.
