South Asia’s jobs creation lags population growth, says World Bank

The World Bank cautioned on Tuesday that job creation in South Asian economies is lagging behind the increase in the working-age population, putting the region at risk of wasting its demographic dividend.

Franziska Ohnsorge, World Bank Chief Economist for South Asia, emphasized the danger of squandering this opportunity if employment opportunities are not maximized.The report highlighted that despite a growing working-age population, employment growth in South Asia has been insufficient to keep pace, resulting in a decline in the employment ratio.

The World Bank underscored the urgent need for South Asian nations to address policy weaknesses to accelerate job creation.Key recommendations outlined in the report include implementing policies that incentivize productive firms to hire workers, streamlining labor and land market regulations, and fostering greater openness to international trade.

Source: Reuters