World Bank Chief Flags 800M Job Shortage in Developing World

WASHINGTON — Thousands of finance officials from around the world are convening this week for the spring meetings of the World Bank and International Monetary Fund, where discussions on the ongoing Middle East conflict are expected to take center stage. However, World Bank President Ajay Banga has urged attendees to address a more pressing long-term threat: a projected shortage of 800 million jobs for the 1.2 billion people entering the workforce in developing countries over the next decade to 15 years.

Banga, the former Mastercard chief executive, highlighted the disparity in an interview with Reuters, noting that current economic trends in those nations would create only about 400 million positions. He acknowledged the difficulty of shifting focus amid recent disruptions, including the COVID-19 pandemic and the latest escalation in the Middle East, but emphasized the need to tackle enduring issues such as job generation, electricity access and clean water provision. "We have to walk and chew gum at the same time," Banga said. "Short velocity cycle is what we're going through. Longer velocity is this jobs circumstance or water."

The meetings occur against the backdrop of a...