World Bank Says 600 Million New Jobs Needed Over 15 Years

he global economy will need to have created 600 million new jobs between 2005 and 2020 to absorb young people entering the work force, spur development, empower women and prevent unrest, the World Bank said.

In its World Development Report released yesterday, the bank said jobs should be at the top of governments’ agendas less than two years after the lack of employment opportunities helped fuel the uprisings that toppled leaders in Egypt and Tunisia. The effects extend beyond the economic sphere, making job creation a cornerstone to development, the report said.

“Demographic shifts, technological progress, and the lasting effects of the international financial crisis are reshaping the employment landscape in countries around the world,” World Bank President Jim Yong Kim said in a foreword to the report. “Countries that successfully adapt to these changes and meet their jobs challenges can achieve dramatic gains in living standards, productivity growth, and more cohesive societies.”

SOURCE: Bloomberg