Bangladesh Needs a Proactive Strategy to Address Increasing Jobs Challenges: World Bank-ILO Workshop

Stocks and Financial Services Press Releases Tuesday June 6, 2017 09:14
DHAKA--6 Jun--World Bank

DHAKA, June 5, 2017 — Despite Bangladesh's robust economic growth, the pace of job creation has slowed in the recent years, says a new World Bank analysis discussed today at a high-level workshop. The country needs to proactively address the challenge, starting with the development of a National Jobs Strategy to increase the pace of formal job creation, raise the quality of jobs, and connect vulnerable workers to jobs.

The annual growth rate for jobs fell to 1.8 percent in 2010-15 after growing 2.7 percent annually in the period 2003-10, and has almost stalled in the Ready Made Garment (RMG) sector. Bangladesh now needs to focus on creating more and higher quality jobs in export oriented non-RMG sectors.

At the workshop, the participants discussed policy priorities to be considered in a Jobs Strategy for Bangladesh, based on the findings of the Jobs Diagnostic. The Jobs Diagnostic, conducted jointly by the World Bank and the Bangladesh Bureau of Statistics (BBS), highlights the importance of looking into the jobs agenda in a holistic way.

"Addressing jobs requires policies that establish the macro and microeconomic frameworks to stimulate private sector investment, promote education and skills development, and support innovation, urbanization and mobility," said Rajashree Paralkar, Acting Country Director for Bangladesh, Bhutan and Nepal of the World Bank. "We look forward to the development of a National Jobs Strategy - a comprehensive set of coordinated policy actions that are targeted explicitly toward addressing the jobs priorities."

The country also needs to generate quality jobs and address gender disparities. Only 1 in 5 workers are employed in wage work. Further, 1 in 3 working women, as opposed to 5 percent of working men, are engaged in unpaid work. International migration has been a way for many Bangladeshis to seek better paying jobs in spite of costs and risks to worker safety.

"To deliver large-scale job creation, Bangladesh must accelerate productivity growth; diversify manufacturing and services sectors, with a focus on increasing exports and Foreign Direct Investment (FDI); and facilitate urbanization," said Thomas Farole, the lead author of the World Bank Jobs Diagnostic. "Connecting vulnerable workers to jobs and reducing barriers to female labor force participation will also be critical for better job opportunities in the private sector."

The panelists welcomed the development of a jobs strategy, and emphasized the importance of continued growth, RMG and other manufacturing, foreign direct investment, female labor market activities, among others. International Labour Organization (ILO) also presented the findings of the Employment Diagnostic jointly done by ILO and Asian Development Bank (ADB). Prof. Dr. Shamsul Alam, Senior Secretary, Member, General Economic Division, Planning Commission, Ministry of Planning chaired the workshop, jointly organized by the World Bank and the ILO and co-hosted by the Ministry of Planning and the Ministry of Labour and Employment,

The World Bank was among the first development partners to support Bangladesh following its independence. Since then the World Bank has committed nearly $26 billion in grants and interest-free credits to Bangladesh. In recent years, Bangladesh has been the largest recipient of the World Bank's interest-free credits.

Latest Press Release

Fitch Affirms Standard Chartered Bank (Thai) at #A-#; Outlook Stable

Fitch Ratings has affirmed Standard Chartered Bank (Thai) Public Company Limited's (SCBT) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at 'A-' with a Stable Outlook. At the same time, the agency has affirmed SCBT's National...

Photo Release: KBank recognized as having the highest corporate brand value in the banking business category 2nd consecutive year

At Sukree Kaewcharoen Auditorium, the Stock Exchange of Thailand (SET), Ms. Kattiya Indaravijaya, KBank President, recently represented KBank to receive the "Thailand's Top Corporate Brand Values 2018" award in the banking business category from...

MicroBitcoin Open Source Community เซ็นสัญญากับสมาพันธ์แรงงานในเกาหลี เปิดโอกาสให้แรงงาน 1.5 ล้านคนได้ใช้เงินดิจิทัล

MicroBitcoin Open Source Community เซ็นสัญญากับสมาพันธ์แรงงาน Korea Association of Care Workers (KACW) เพื่อนำสกุลเงินดิจิทัล MicroBitcoin มาใช้ สัญญานี้ลงนามร่วมกันสามฝ่าย ได้แก่ MicroBitcoin Open Source Community, KACW และ Bluequotient...

MicroBitcoin Open Source Community Signs an Exclusive Contract with the Korea Association of Care Workers (KACW) to Expand its Usability to One and a Half Million Users

The MicroBitcoin Open Source Community has signed a contract with Korea Association of Care Workers (KACW) to adapt the MicroBitcoin blockchain network protocol. The trilateral contract was made between the MicroBitcoin Open Source Community, the Korea...

WICE establishes a joint-venture, EUROASIA TOTAL LOGISTICS, with its holding 40% of shares to provide cross-border transport services between China, Hong Kong

WICE establishes a joint-venture, "EUROASIA TOTAL LOGISTICS", with its holding 40% of shares to provide cross-border transport services between China, Hong Kong, and South East Asia with the expectation to achieve the first year's revenue at 200 million...

Related Topics