The country should focus on developing an organised labour market and rearing its large pool of unskilled labour if it wants to become a middle-income country by 2021, said a World Bank study.
The potential for creating good jobs by further encouraging upward mobility of the relatively unskilled labour through transition from the farm to non-farm sectors are yet to be exhausted, the multilateral lender said in the report, World Development Report 2013: Jobs.
“Over the years, Bangladesh has made a remarkable transition from its alleged status as an international basket case heavily dependent on foreign aid to a lead performer among the least-developed countries, which is now poised to become a middle-income country by 2021.”
Around 2.2 million people enter the job market annually, while nearly 1 million get jobs, Johannes Zutt, WB country director for Bangladesh, said at a dialogue yesterday with the stakeholders of the report.
The report said the country has maintained a “reasonably high growth with the least volatility”, accompanied by “impressive” poverty reduction and human development record on a range of social indicators.
The challenge for the country now lies in maintaining this momentum, WB said.
Zutt said the country can set a target to create additional 15 million jobs within the next ten years by establishing more economic zones.
Subsequently, the report recommended paying attention to the relatively neglected dimensions of job creation in Bangladesh: the issue of informality of the labour market and the skills development for meeting the potential demand for relatively educated jobs, especially in export sectors and overseas migration.
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