World Bank Chief Ajay Banga Warns of Global Jobs Crisis, Calls for Financing Overhaul

World Bank President Ajay Banga has raised alarm over a looming global jobs crisis, noting that 1.2 billion young people are expected to enter the workforce over the next 10 to 15 years, but only 400 million jobs are projected to be available. This leaves a shortfall of approximately 800 million employment opportunities.

Banga stressed the need for a comprehensive global financing overhaul to address the employment gap and other pressing economic challenges. The World Bank is planning targeted interventions, including raising critical minerals financing to $19 billion over the fiscal period 2026-2030.

The institution also aims to mobilise increased private capital to support economic growth and job creation across developing economies. Banga's remarks underscore the scale of the challenge facing policymakers globally as demographic pressures and economic transitions reshape the labour market landscape.