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The World Bank Group is taking a bold step to address the looming jobs crisis, particularly for young people in developing economies. They’ve established a High-Level Advisory Council on Jobs, bringing together heavyweights like Dr. James Mwangi, Group CEO of Equity Group Holdings, to chart a course for large-scale job creation.
Why Jobs Matter
Creating jobs is central to fighting poverty, boosting prosperity, and empowering individuals. With a job comes financial security, the ability to provide for oneself and family, and a sense of belonging in society. Unfortunately, this dream remains elusive for many, especially young people and women.
The World Bank estimates that over the next decade, a staggering 1.2 billion new workers will enter the workforce in developing countries. However, only 420 million jobs will be available, leaving a massive gap of nearly 800 million.
The Council’s Focus
The newly formed council will focus on creating job opportunities for youth and women in emerging economies. This focus is crucial to unlock the potential of these demographics and turn this challenge into an engine for future growth.
Dr. Mwangi is one of fourteen global leaders appointed to the council, recognized for his dedication to social impact beyond banking. He’s a champion for sustainable development in Africa, where a significant demographic shift is underway. By 2030, one in four people on the planet will be African, with a third of the world’s youth residing there.
Dr. Mwangi believes this demographic boom presents a golden opportunity. Leveraging this “dividend” effectively could lead to a 15% increase in Africa’s GDP and a 17% decrease in poverty by 2030.
Over the next decade the world is expected to experience significant demographic shift with one in four people on the planet being African, and more than a third of the world’s young people residing in Africa. These global demographic shifts are the result of progress on the African continent including life expectancy, per capita income, health, education and improving nutritional levels. An outcome of these developments has been rapid population growth. Effectively leveraging the demographic dividend in Africa could account for up to 15% of GDP growth and a 17% reduction in poverty by 2030.
– Dr. James Mwangi
Dr. Mwangi said he is honoured to serve on the council and contribute to creating jobs for Africa’s youth. He recognizes young people as the continent’s future and the key to sustainable development. Equity Group’s Africa Recovery and Resilience Plan aims to create 50 million jobs in the region by 2030, and Dr Mwangi plans to leverage the council’s insights to maximize this initiative’s impact.
The Powerhouse Council
Other members include:
- Former world leaders like Tharman Shanmugaratnam (Singapore) and Michelle Bachelet (Chile) who will co-chair the council.
- Experts from academia, business, and civil society like Guy Ryder (UN), Patrick Achi (Cote d’Ivoire), and Marianne Bertrand (University of Chicago).
This diverse group brings a wealth of experience and knowledge to the table, increasing the council’s effectiveness in tackling this complex challenge.
The council will meet every two months for the next two years, directly engaging with World Bank leadership to ensure their ideas translate into actionable solutions. This collaborative approach offers a promising path forward in creating a future where everyone has the opportunity to thrive through meaningful work.
Find out more about the Council from: World Bank Group Launches High Level Council to Tackle Looming Jobs Crisis.
