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World Bank Launches Advisory Council to Address Looming Jobs Crisis in the Global South

2024-08-17 09:05:18.225000

The job markets in the UK, India, and Barbados are facing challenges and undergoing significant changes. In the UK, businesses are struggling to fill vacancies despite high levels of job openings [789b874b]. This skills crisis, coupled with economic uncertainty, is contributing to the challenges faced by employers [789b874b]. Policymakers are being urged to support businesses in investing in skills and finding solutions to labor supply shortages [789b874b]. On the other hand, in India, the official employment data shows a decline in the unemployment rate, but it also reveals that the quality of jobs being created is worsening [2ba734fa]. Monthly earnings in India have remained largely stagnant since 2017 [2ba734fa]. India will need to create about 12 million jobs per year over the next decade to absorb new entrants to the labor market [5e2fd217]. However, a report by Citigroup suggests that even if India's economic growth is 7%, it will still struggle to bridge the job gaps [5e2fd217]. However, the Labour Ministry of India has issued a strong rebuttal to the Citigroup report, arguing that it fails to consider positive trends and comprehensive data from official sources [eb2f718c]. The ministry cites official data sources such as the PLFS, RBI, and EPFO to support its claim that there have been consistent improvements in key labor market indicators and a declining unemployment rate in the past five years [eb2f718c]. The ministry also highlights that more than 8 crore employment opportunities were created from 2017-18 to 2021-22, despite the impact of the COVID-19 pandemic [eb2f718c]. The data shows an improving trend in labor market indicators such as the Worker Population Ratio, labor force participation, and unemployment rate [eb2f718c]. The ministry argues that the official data reveals a more optimistic picture of the Indian job market compared to the Citigroup report [eb2f718c]. Concrete steps are needed to boost employment in the country [5e2fd217].

In a recent statement, Mansukh Mandaviya, the Minister of State for Skill Development and Entrepreneurship, expressed a positive outlook on the unemployment rate in India [9f07c1c6]. Mandaviya stated that the unemployment rate will drop below 3% and there is no concern for job losses [9f07c1c6]. He mentioned that the government is taking various initiatives to create more employment opportunities and promote skill development [9f07c1c6]. The minister also highlighted the success of the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) in providing training to millions of youth [9f07c1c6]. This statement by Mandaviya suggests a positive outlook on the employment scenario in the country [9f07c1c6].

Union Labour Minister Mansukh Mandaviya recently addressed concerns about job losses in India, assuring that the unemployment rate is steadily declining [64289574]. However, surveys and expert opinions suggest that many young Indians still struggle to find employment, pointing to deeper issues within the country's job market [64289574]. Despite the government's efforts to create more jobs, the working-age population in India continues to face low job creation and unequal distribution of economic benefits [64289574]. The unemployment crisis is particularly felt by the 8 million young and educated Indians entering the workforce each year [64289574]. The closure of nearly 50,000 small businesses in the past 10 years has also resulted in job losses [64289574]. The government has introduced schemes to boost employment, including a first-time employment scheme and support for skill development and higher education [64289574]. However, the challenges in the job market, such as limited job opportunities, lack of necessary skills, and gender disparities, continue to persist [64289574].

The World Bank has launched a High-Level Advisory Council on Jobs to address the looming jobs crisis in the Global South [63fb92b0]. An estimated 1.2 billion young people in the region will become working-age adults in the next 10 years, with only 420 million jobs expected to be created [63fb92b0]. The council, headed by Singapore President Tharman Shanmugaratnam and co-chaired by former Chilean president Michelle Bachelet, will develop strategies and policies to create large-scale employment opportunities [63fb92b0]. The World Bank's initiative demonstrates forward-thinking and the willingness of public institutions to anticipate and address future crises [63fb92b0]. The market-driven approach of the United States is seen as relevant only to a nation that is still relatively new compared to Europe and Asia [63fb92b0]. The World Bank's efforts could serve as a model for bridging ideological and economic gaps between East and West, and between the Global South and Global North, if political leaders are willing to collaborate and pool collective wisdom [63fb92b0].

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