Chennai: Over 1 billion young people will reach working age in developing countries in the next decade, while fewer jobs are created. Development must be judged by outcomes — by jobs created, incomes rising, poverty alleviation, and opportunities expanding, finds the World Bank.
Over the next 10 to 15 years, more than 1 billion young people in developing countries will reach working age. They deserve the income, stability, and hope that only a job can provide.
Yet current projections suggest that far fewer jobs will be created. The gap is large — and it is growing. It’s exacerbated with every shock — conflict, natural disasters, and economic volatility.
At the same time, governments everywhere are operating with limited fiscal space. Debt is high, growth is uneven, and demands on public budgets continue to rise. The scale of the demographic challenge is historic. The scale of available public resources is not.
No country can meet this challenge alone. And no traditional model of development, relying primarily on public spending, can match its magnitude.
If countries succeed in creating jobs at scale, the benefits extend well beyond their borders: stronger growth, more resilient supply chains, and greater stability. If they fail, the consequences will also travel — through slower global growth, rising migration pressures, and increased fragility.
The question is not whether this transformation will reshape the global economy. It is whether we respond in a way that turns demographic pressure into shared opportunity.
Development must be judged by outcomes by jobs created, incomes rising, poverty alleviation, and opportunities expanding.
That approach rests on three drivers. First, investing in infrastructure, both physical and human. Second, creating a business environment where firms can operate and grow. Third, mobilizing private capital at scale.
These pillars reinforce each other. But without the second — the enabling environment — neither public investment nor private capital will translate into jobs. It is important to keep focus on this even in turbulent times.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: deccanchronicle.com
