Tag: Population

World Bank Group President Ajay Banga has called for job creation to be placed at the heart of every development, economic, and national security plan, stressing that employment is key to building sustainable growth. Speaking at the 2025 World Bank–IMF Annual Meetings Plenary, Banga projected that by 2050, over 85 percent of the world’s population will live in developing countries, with Africa alone expected to account for one in every four people on earth. He warned that about 1.2 billion young people will join the global workforce within the next 10 to 15 years, competing for only 400 million available jobs—just a third of what’s needed. “These young people—with their energy and ideas—will define the next century. With the right investments, we can unlock a powerful engine of global growth,” Banga said. Highlighting the bank’s reforms, he explained that 153 internal performance metrics had been merged into a single corporate scorecard with 22 key indicators. He also disclosed that the bank’s financial capacity had grown by about $100 billion through innovative financing tools and better resource optimization. According to him, the World Bank’s annual financing increased from $107 billion to $119 billion in two years, while private capital mobilisation jumped from $47 billion to $67 billion. Total commitments, including private capital mobilisation, hit $186 billion, with an additional $79 billion raised through bond issuances. These efforts, Banga noted, have translated into real-world impact: 20 million farmers now have better access to technology and markets, 60 million people have been connected to electricity, 70 million have received education or vocational training, and 300 million have benefited from improved health and nutrition services. He also pointed out that the bank is working closely with the Asian Development Bank and developing an IFC2030 strategy to further boost private investment. The multilateral development bank (MDB) co-financing platform has already backed 175 projects globally. On governance, Banga said the World Bank is partnering with governments to fight corruption using digital identification systems, enhanced fraud detection tools, and artificial intelligence that connects tax, property, and identity data. “Over the past decade, we’ve supported 120 governments in this effort and are currently working with 26 more to target corruption and illicit financial flows,” he said.