World Bank Group Vice President for South Asia Johannes Zutt has said the organisation will intensify its support for large-scale job creation in Bangladesh, with a particular focus on young people and women.
The remarks came at the end of his three-day visit to Bangladesh, according to a press release.
Zutt noted that the government has placed strong emphasis on expanding employment opportunities alongside improving skills and attracting investment.
“The government places a high priority on large-scale job creation, alongside skills and investment, and the World Bank Group shares this commitment,” he said.
“In this context, we are stepping up our focus on supporting the government priority of creating jobs, notably for youth and women,” he added.
During the visit, Zutt held meetings with senior government leaders, officials and civil society representatives to discuss development priorities and ongoing cooperation.
His engagements included discussions with the finance and planning minister, the commerce minister, the prime minister’s adviser on finance and planning, and the governor of Bangladesh Bank.
Highlighting pressures in the labour market, Zutt said that over the past decade, around 14 million young people entered the workforce, while only 8.7 million jobs were created.
“This means nearly half of working-age youth did not find jobs,” he said, adding that young women face particularly steep barriers in accessing employment.
Amid rising global uncertainties, he stressed the need for long-pending macroeconomic and financial sector reforms to remove key constraints to growth and job creation.
Zutt said the World Bank Group is working with countries to ensure economic growth translates into local employment by strengthening the foundations for job creation, including investment in infrastructure, improving the business climate and mobilising private capital.