SINGAPORE: President Tharman Shanmugaratnam of Singapore has been appointed Co-Chair of the World Bank Group’s newly formed High-Level Advisory Council on Jobs.
The council is an initiative to address the growing jobs crisis in developing countries. Shanmugaratnam will lead the council alongside former Chilean President Michelle Bachelet.
The appointment marks a significant step by the World Bank in its efforts to address a global challenge expected to escalate over the next decade. The two leaders have agreed to guide the council for a two-year term, with their leadership running through July 2026.
The Advisory Council has a mandate to provide strategic advice and recommendations to the World Bank Group, focusing on policies and programs to mitigate the impending jobs crisis in developing nations.
Over the next ten years, approximately 1.2 billion young people in developing countries will reach working age. However, the current economic forecast predicts the creation of only 420 million new jobs in these regions, resulting in a significant employment gap.
This shortfall presents a critical challenge to global economic stability and prosperity.
The council’s primary focus will be creating employment opportunities for youth and women, particularly in areas where female labour force participation is significantly lower than men’s.
Currently, the global labour force participation rate for women stands just above 50%, compared to approximately 80% for men, with even larger disparities in certain parts of the world.
The High-Level Advisory Council on Jobs will convene leaders and experts from various sectors, including government, business, civil society, and academia, to develop comprehensive and actionable strategies for large-scale job creation.
The council aims to harness the collective expertise of its members to address the structural and policy barriers that hinder job growth and to promote inclusive employment practices.
President Shanmugaratnam’s appointment to this high-profile council reflects his extensive experience in economic policy and development. His leadership, in partnership with Michelle Bachelet, is expected to bring a balanced and strategic approach to the council’s mission.
Under this initiative, the World Bank Group seeks to engage with stakeholders across the globe to ensure that the solutions developed are both practical and sustainable, addressing the diverse needs of developing countries. /TISG