Bangladesh in bottom quarter for job growth: WB

Bangladesh ranked among the bottom quarter of 82 emerging and developing economies for formal-sector job creation, the World Bank said on Tuesday.

The slow growth is limiting Bangladesh's ability to fully benefit from its expanding working-age population, the lender said.

The bank presented the findings of its report, 'Demographic Change in South Asia: From Tailwinds to Headwinds for Development' at a press conference in Dhaka on Tuesday. 

The report drew on enterprise surveys from 2022 to 2025, including Bangladesh's 2022 survey. It found that small firms shed workers on average, while employment also fell at medium-sized firms.

About 5.8 crore workers in Bangladesh, or 84 per cent of those employed, hold informal jobs. Meanwhile, 44 per cent of graduates are informally employed.

The share of Bangladesh's population aged 15 to 64 is projected to peak in 2045. About two decades from now, and 11 years after South Asia's projected peak.

Just six years later in 2051, people aged 65 and above are expected to account for 14 per cent of the population.

The bank estimated that improvements in schooling, child nutrition and adult health alongside higher female labour force participation could lift per capita GDP in 2050 by up to 4 per cent above current trend projections. 

The gain could reach 13 per cent under a more ambitious scenario combining stronger health and education reforms with measures to close the gender labour gap.

World Bank Division Director for Bangladesh and Bhutan Jean Pesme urged Bangladesh to help firms create better jobs, equip young people with skills employers need and remove barriers keeping women out of paid work. 

He added that the country would need to raise more revenue to finance healthcare and income support for its ageing population.

Source: New Age