World Bank warns of projected 800 million job shortfall

World Bank Group President Ajay Banga warned that the global economy could face a shortfall of about 800 million jobs over the next 10 to 15 years, as roughly 1.2 billion young people are expected to enter the labour market and only about 400 million jobs are projected to be created. The figures were presented as a projection, not an observed count, at the 2026 World Bank Group and International Monetary Fund Annual Meetings in Bangkok. Banga said the gap was not inevitable and called for governments and development institutions to use limited public resources more effectively while drawing in private investment. He described job creation as central to economic growth and young people’s ability to build a future. The reported projection and financing figures stem from his remarks at the meeting. Banga said the World Bank Group mobilised about $112 billion in private capital over the past year, compared with about $35 billion in fiscal 2022. Including the group’s own financing, total financing exceeded $230 billion. He said private capital mobilisation in low-income countries remained around $3 billion, underscoring the difficulty of attracting commercial investment to the...