Washington: The World Bank has warned that the world is heading toward a major jobs crisis, even if ongoing wars come to an end. The warning was issued by World Bank President Ajay Banga, who said the challenge of creating enough jobs for young people is becoming one of the most serious global concerns.
According to the World Bank, about 1.2 billion young people are expected to enter the workforce over the next decade. However, only around 400 million jobs are likely to be created during the same period. This leaves a gap of nearly 800 million jobs, raising fears of widespread unemployment.
Banga said that this gap could lead to deeper poverty, rising inequality, and social tensions across many countries. He warned that joblessness on such a large scale could also increase migration and instability, affecting not only individual nations but the global economy as well.
The warning comes at a time when the global economy is already under pressure due to conflicts and slowing growth. The ongoing tensions in the Middle East have added uncertainty, pushing up inflation and making it harder for countries, especially developing ones, to expand their economies and create jobs.
The World Bank said that simply ending wars will not solve the problem. Instead, countries need to focus on long term economic planning and job creation. Sectors such as agriculture, construction, healthcare, tourism, and manufacturing were identified as key areas that can generate large numbers of jobs.
The bank also stressed the importance of improving basic infrastructure. Expanding access to electricity and clean water can help businesses grow and create employment opportunities. Plans are already being discussed to bring electricity to hundreds of millions of people in Africa and improve water access for large populations worldwide.
Banga emphasized that most jobs are created by the private sector, and governments need to create a business friendly environment to attract investment. Without strong action now, he said, the world could face a prolonged employment crisis.
The World Bank’s message highlights a growing concern that the future of work is becoming uncertain for millions of young people. While the situation poses serious risks, it also presents an opportunity for countries to invest in their people and build stronger, more inclusive economies.