World Bank warns of growing global jobs crisis

Oceania [Fiji], October 19: Young people in Fiji and across the Pacific face growing concerns over future employment as economies struggle to create enough jobs. FijiNews subscription
The World Bank projects a global shortfall of about 800 million jobs over the next 10 to 15 years.
World Bank Group President Ajay Banga states that 1.2 billion young people are expected to enter the job market during that period, while only about 400 million jobs are projected to be available.
Banga outlined the challenge at the World Bank Group's 2026 Annual Meetings in Bangkok, Thailand, warning that the decisions governments make today will shape the opportunities available to the next generation.
He says creating jobs at scale must go hand in hand with making limited financial resources go further.
A job, Banga says, is not a statistic. It represents dignity and the difference between a young person being able to build a future and one left waiting for an opportunity.
The warning has implications for Fiji and other Pacific island countries, where governments must expand employment opportunities while addressing infrastructure gaps, limited access to finance and the vulnerability of small economies.
For Fiji, the challenge extends beyond preparing young people for employment. Businesses also need reliable electricity, water, transport, digital connectivity and access to markets if they are to expand and hire more workers.
Banga said the World Bank's jobs strategy focuses on physical and human infrastructure, predictable policies and regulations and measures to attract private investment.
The Bank committed $US40 billion last year to infrastructure and human development, including health, education and skills. It also directed 30 percent of its public sector financing towards policy and institutional reforms.
Banga adds that the private sector must play a greater role in creating employment, particularly as public finances remain constrained by rising debt and competing development needs.
However, the challenge is more severe in low-income countries, where attracting commercial investment remains difficult.
Banga says the World Bank's strategy for Micro, Small and Medium Enterprises is intended to improve access to finance, connect businesses to larger markets and simplify the rules that affect their growth.
For Pacific countries, this places greater importance on developing local businesses that can generate employment beyond the public sector.
The projected jobs gap is global, but its consequences will be felt in individual communities if economic growth fails to translate into work.
Banga said the projected shortfall does not have to become the future but meeting the challenge will require investment and reforms on a scale that matches the expectations of the next generation.
Source: Fijian Broadcasting Cooperation