The World Bank (WB) has fully shifted its activities to job creation to secure the future of 1.2 billion young people who will come of age over the next 15 years.
As FinFly reports, this was announced by WB President Ajay Banga during the autumn session of the governing bodies of the International Monetary Fund and the World Bank in Bangkok.
"1.2 billion young people will turn 18 in the next 15 years. This can become a huge demographic dividend if, during their upbringing, they gain access to clean air and water, healthcare, education, and professional skills. As adults, they must be able to benefit society and be a productive part of it," he said.
The head of the WB emphasized that any infrastructure projects of the organization—from road construction to the opening of schools and medical facilities—are now viewed precisely through the lens of job creation.
He cited Singapore as a successful example of implementing such a course. Banga also pointed to the key role of private capital.
"Governments create conditions, while the private sector generates 75% to 85% of jobs in any country. That is exactly what we are aiming for," he added.
Responding to a question about the role of artificial intelligence (AI) in developing markets, the head of the bank noted that attention should be directed toward applied solutions.
"This is about applications that can enormously boost the productivity of schools, healthcare systems, or agriculture," Banga noted.
The WB president acknowledged the validity of concerns that AI could deprive people of jobs in developing markets, calling such a scenario "possible but not yet proven."
In his view, the introduction of so-called small AI should first and foremost become a tool for increasing productivity.
