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Creating more and better jobs is one of the most powerful tools we have to end poverty and build lasting prosperity. Jobs not only provide income—they offer dignity, purpose, and opportunity. They empower individuals, especially women and youth, and build stronger, more resilient communities.
As the global population continues to grow, the need for meaningful employment becomes even more urgent. In the next decade, 1.2 billion young people will reach working age, yet current projections show only 420 million jobs will be created—leaving hundreds of millions at risk of unemployment. This gap has serious implications for global development, stability, and migration.
A Three-Pillar Approach to Job Creation
To meet this challenge, the World Bank Group has placed jobs at the heart of its development strategy. Since 2019, its job-related programs have benefited over 77 million people. The World Bank works with governments and the private sector throughout the job creation cycle—offering technical support, financing, and policy advice to help foster environments where jobs can thrive.
The World Bank’s strategy is built on three foundational pillars:
1. Establishing the Foundational Infrastructure for Jobs
Creating jobs begins with strong public investment in infrastructure and human capital. This includes health care, education, transportation, energy, clean water, and skills training. These are the building blocks for dynamic economies where both people and businesses can flourish.
For example:
In Tunisia, the Tertiary Education for Employability Project is aligning student skills with market needs, benefiting over 22,000 students.
In Bangladesh, economic zones and technology parks have created nearly 45,000 new jobs, many of them for women.
By June 2024, World Bank programs have supported:
- 305.2 million students with better education, and
- 381.1 million people with access to quality health care.
The Bank’s Mission 300 initiative aims to bring electricity to 300 million people in Africa by 2030, unlocking the potential for business growth and employment.
Investments are paired with efforts to strengthen domestic resource mobilization, such as more progressive tax systems and stronger capital markets. Over 40 countries are currently receiving support to enhance local financial systems and broaden public revenue streams.
2. Strengthening Governance and Policies
Beyond infrastructure, robust and transparent governance is essential for job creation. Governments need to foster environments that support private sector growth by:
Simplifying regulations,
Cutting red tape,
Combating corruption, and
Creating predictable and business-friendly policies.
The World Bank offers not just funding but also in-depth policy advice. Reports such as Business Ready and Women, Business and the Law guide countries in reforming outdated regulations and boosting inclusive growth. The Anticorruption for Development Global Partnership brings together over 250 stakeholders to help governments use data and technology in the fight against corruption.
3. Mobilizing Private Capital
Public finance alone cannot meet the scale of investment needed. The private sector—responsible for 90% of jobs in developing countries—must be engaged as a key partner. Yet, private investment flows only where conditions are stable and returns are possible.
The World Bank Group, through IFC and MIGA, helps de-risk private investment and provide financial instruments, insurance, and support for skills development. Examples include:
Supporting women-owned SMEs in Uzbekistan by closing credit gaps.
Funding gender bonds in Tanzania and backing business owners in fragile states like the Democratic Republic of Congo.
In Western Balkans, IFC-supported training initiatives have helped manufacturing firms grow their workforce.
The Private Sector Investment Lab, launched in 2023, brings together global CEOs to help scale solutions for boosting investment in emerging markets. IFC’s 2030 Strategy focuses on creating quality jobs through tailored support based on local market needs.
The Path Forward
Several sectors offer strong job creation potential—including infrastructure, agriculture, energy, healthcare, tourism, and value-added manufacturing. These sectors align with local strengths and tend to be more resilient against global disruptions.
For instance, in Madagascar, over 22,000 people have been trained in tourism-related fields, and more than 10,000 formal jobs were created in 2023 through World Bank programs.
With a growing youth population, the developing world is home to the next generation of workers, entrepreneurs, and leaders. Unlocking their potential requires close collaboration between public and private sectors, backed by long-term commitment and innovative thinking.
The future of prosperity begins with a job.
Related Links:
Development is how we compete, grow, and stay secure
Jobs: Unlocking Women’s Economic Potential and Boosting Economies
EVENT: Spring Meetings 2025: Jobs – The Path to Prosperity
Source:
World Bank
https://www.worldbank.org/
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