ISLAMABAD: The World Bank has warned that millions of young people in Pakistan and other developing countries may struggle to find jobs over the next 10 to 15 years, raising serious concerns about future unemployment.
The warning was shared during the annual meetings of the World Bank and the International Monetary Fund, where employment was described as one of the biggest challenges facing developing nations. Participants at the meeting also expressed concern over the economic impact of instability in the Middle East.
World Bank President Ajay Banga said that creating jobs is the most effective way to reduce poverty. He stressed that providing employment opportunities must be a top priority, especially as populations continue to grow rapidly in many countries, including Pakistan.
Officials at the meeting noted that in the coming decade and a half, around 1.2 billion young people in developing countries will reach working age. However, job opportunities are not expected to grow at the same pace, increasing the risk of large-scale unemployment.
In Pakistan, where the population is expanding quickly, the shortage of jobs could become even more severe if immediate action is not taken. The World Bank emphasized the need for urgent relief measures along with long-term economic reforms to support sustainable growth.
The institution is expected to provide between 80 to 100 billion dollars in financial support to member countries. It also highlighted the importance of boosting private investment, calling it a key driver of development.
The World Bank identified five major sectors with strong potential to create jobs. Energy and infrastructure projects were described as crucial for employment growth. Tourism was also seen as a powerful tool to strengthen the economy and generate work opportunities. In addition, agriculture and agribusiness were highlighted as areas with significant potential, while the health sector was recognized as another important source of job creation.
