World Bank to address 300m job disparities globally

Saudi Arabia|| Safaa EL Tayeb EL-Kogali, the Country Director for the World Bank Group in the Gulf Cooperation Council (GCC), has called on industry stakeholders, regulators, and policymakers to collaborate in addressing the 300 million job disparities facing the youth globally.

This call was made at the Global Labour Market Conference (GLMC) in Riyadh, Saudi Arabia on Wednesday.

According to the World Bank official, over 400 million people are willing to work but remain unemployed with large disparities.

“Over the next decade, 1.2 billion young people in emerging economies will enter the workforce, but job creation will fall short with an estimated deficit of 300 million jobs. This is why this gathering is more important than ever,” she said.

This massive shortfall in job opportunities underscores the critical importance of the GLMC, El-Kogali emphasized. “This is why this gathering is more important than ever,” she said. The conference serves as a crucial platform for global leaders, experts, and policymakers to unite and strategize on tackling this complex issue. She stressed that the projected deficit represents not just a number, but a potential crisis with far-reaching social and economic consequences.

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His Excellency, Engineer Ahmad Bin Salman Alrajhi, the Minister of Human Resources and Social Development, during the media parley, said on a global scale, 67 million young people are unemployed, and millions more struggle to access quality employment due to structural barriers. This issue is not merely economic—it has profound social implications that require urgent and comprehensive solutions.

“We all recognize that supporting youth employment and equipping them with future-ready skills is a responsibility and a strategic investment in our societies and future generations,” he said.

The minister also disclosed during his keynote speech that the rapid technological advancements, fundamental demographic changes, and emerging issues like climate adaptation as critical factors requiring proactive and bold action. “These developments require us to take proactive and bold steps to prepare us for the future.”

He also pointed to the struggles employers face in filling vacancies due to skills mismatches. According to the Organization for Economic Cooperation and Development (OECD), the average youth unemployment rate reached as high as 11.3 percent in the third part of 2024, rising to more than 20 percent in some member countries,” he warned.

“These figures highlight the urgent need to develop comprehensive strategies to address these common challenges effectively.” He stressed that these challenges affect both emerging and advanced economies, emphasising Saudi Arabia’s commitment to addressing them both domestically and through international partnerships.

The Minister showcased successful models from other countries, such as Germany’s dual vocational training program, Singapore’s Skills Future program, and Kenya’s Ijara Digital program, as examples of effective solutions.

“These models, among others, demonstrate that there are numerous solutions that can be developed and worked on to create an optimistic future for labour markets,” he said.

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