The world could face a shortfall of about 800 million jobs as 1.2 billion young people enter the labour market over the next 10 to 15 years, World Bank President Ajay Banga has warned.

He said only about 400 million jobs were expected to be available, stating the urgent need for countries to create employment on a much larger scale.

Speaking at the 2026 World Bank/International Monetary Fund Annual Meetings Plenary, he said decisions taken today would shape the future of an entire generation.

"The choices we make today will help determine how,” he said.

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He mentioned that countries must use limited development funds more effectively while creating enough jobs.

He said meeting those goals would require governments, private investors, philanthropic organisations and technology providers to work together around each country’s needs.

The World Bank’s jobs strategy, he explained, focuses on three areas such as stronger infrastructure and public services, clear and predictable policies, and investment on a larger scale.

He said businesses needed reliable electricity, water, transport and digital connections, while workers needed healthcare, education and relevant skills.

The Bank committed $40 billion, nearly one-third of its financing, to these foundations last year.

Banga also outlined changes intended to make the institution faster and more effective. He said the Bank had reduced project preparation time from 19 months to nine and increased the share of financing linked to results from about one-third to half.

Changes to its balance sheet had also created more than $100 billion in additional lending capacity over a decade, he added.

Private capital mobilised by the Bank rose from roughly $35 billion in 2022 to $112 billion last year. Together with the institution’s own financing, total financing exceeded $230 billion.

He said these reforms had strengthened the Bank’s ability to support development, with job creation providing a clear focus for its work.

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“Taken together, these changes give us greater capacity. Our jobs strategy gives it direction,” he said.


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