UNDP and World Bank launch initiatives to address global youth employment gap

The United Nations Development Programme (UNDP) has launched two global initiatives to address a projected massive gap in the youth labor market. During the IMF and World Bank Annual Meetings in Bangkok, the UNDP announced an Investment Accelerator and an Employment Fund for Prosperity. These programs aim to help developing economies attract investment, improve business environments, and create more high-quality jobs.

This intervention responds to warnings from World Bank President Ajay Banga, who stated that 1.2 billion young people will enter the workforce over the next decade, while only 400 million jobs are expected to be created. The UNDP initiatives will utilize partnerships with the World Bank and other multilateral banks, with pilot programs planned for Nepal, Yemen, Haiti, Lebanon, and Ghana.

The Investment Accelerator is designed to assist governments in refining investment policies, developing finance-ready projects, and transitioning from preparation to execution. Meanwhile, the World Bank is implementing internal reforms to increase efficiency, including reducing project preparation times and increasing pay-for-results financing to better support country-led growth strategies.