Nearly half of Bangladesh’s new workforce failed to find jobs in last decade: World Bank

It recommends macroeconomic and financial sector reforms to create new jobs

Nearly half of the young people who entered Bangladesh's labour market over the past ten years failed to secure employment, with women facing the steepest barriers, according to the World Bank.

In a statement released on Tuesday, the World Bank’s South Asia Regions Vice President Johannes Zutt noted that while 14 million young people joined the labour market in the last decade, the economy generated only 8.7 million positions.

"Nearly half of the eligible youth remained unemployed, with young women facing the most significant hurdles in accessing the job market," Zutt said.

The disparity highlights a significant "jobs gap" that Zutt suggests requires urgent attention through macroeconomic and financial sector reforms to dismantle "fundamental obstacles" to growth.

The vice president’s remarks came as he concluded a three-day visit to Dhaka, during which he held high-level talks with the finance and planning ministers, the commerce minister, and the governor of the central bank.

The discussions focused on aligning WB support with the government’s development priorities, specifically targeting large-scale job creation and skill development.

"The government is placing a high priority on investment and job creation, and the World Bank Group is a partner in these commitments," the statement quoted Zutt as saying.

"We are strengthening our support to specifically help create opportunities for youth and women."

Since the country’s independence, the organisation has provided more than $46 billion in financing through a combination of grants, interest-free loans, and low-interest credits, the statement said.