Bangkok:Around 800 million young people entering the workforce in developing nations over the next 15 years may struggle to find jobs unless immediate policy interventions are implemented, according to the United Nations Development Programme (UNDP).
UNDP Administrator Alexander De Croo highlighted this urgent issue while addressing a virtual briefing at the UN Headquarters, which was broadcast live on UN Web TV. Speaking from the World Bank Group and International Monetary Fund's annual meetings in Bangkok, De Croo emphasized the need for swift action to prevent a bleak future for this massive youth population.
During the 22-minute briefing, De Croo presented the agency's new policy report, 'No Time to Recover,' along with demographic data and technological trends. He warned that without targeted policy changes, the problem would persist, as a significant portion of the population in developing nations is aged between 18 and 25.
De Croo also discussed a 'triple shock' affecting the globe, including high debt distress, El Nino impacts, and rising energy prices. He noted that middle-income developing countries are now spending 9.5 percent of their government revenues on debt interest payments, three times more than high-income countries. If this continues, an additional 130 million people worldwide could fall into extreme poverty.
To address these challenges, De Croo announced two new global initiatives by UNDP, in collaboration with the World Bank Group, the European Investment Bank, and the European Bank for Reconstruction and Development. The 'Investment Accelerator' and 'Jobs for Prosperity Facility' initiatives aim to boost investments and employment in developing economies, with pilot projects already underway in Nepal, Yemen, Haiti, Lebanon, and Ghana.
In response to questions about the impact of artificial intelligence and climate risks on the insurance sector, De Croo assured that sectors like services, agriculture, and tourism can still provide significant employment opportunities. He cited past climate disasters in Asia and stressed the need for better protection for small and medium enterprises.
Concluding the briefing, De Croo called for global solidarity and international action, emphasizing that creating sustainable jobs is essential for lifting people out of poverty.
Source Bangladesh Sangbad Sangstha