Equity’s CEO, now a World Bank VIP Leveling up global jobs

The World Bank Group has launched a High-Level Advisory Council on Jobs during its 2024 Annual Meeting in Washington, D.C. The council aims to address a critical challenge facing emerging and developing economies: creating job opportunities for youth and women. Notably, Equity Group CEO James Mwangi has been appointed to this prestigious council, which is co-chaired by Tharman Shanmugaratnam, President of Singapore, and Michelle Bachelet, former President of Chile.

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The council brings together a diverse group of global leaders from policy, business, academia, and civil society, with an ambitious mission to develop actionable and scalable recommendations. Their focus is on tackling the looming job crisis expected to impact 1.2 billion people in the Global South over the next decade. This is particularly critical for Africa, where an estimated 800 million individuals may lack job opportunities by 2034 as emerging economies face a surge in working-age populations.

James Mwangi expressed optimism about the initiative’s potential, highlighting the transformative opportunity presented by Africa’s demographic shifts. He noted that effectively leveraging the continent’s young population could potentially drive up to 15% GDP growth and reduce poverty by 17% by 2030. This aligns with Equity’s Africa Recovery and Resilience Plan, which aims to create 50 million jobs by 2030.

The council will convene every two months for an initial period of up to two years, working closely with senior World Bank management to ensure the implementation of their recommendations. Its membership includes prominent global figures such as Guy Ryder, UN Under Secretary General for Policy; Patrick Achi, former Prime Minister of Côte d’Ivoire; Sebastien Bazin, Chairman and CEO of Accor Group; and experts from renowned institutions like the University of Chicago and Yale University.

This initiative represents a significant effort to address one of the most pressing economic challenges facing developing economies, with a particular focus on unlocking the potential of young populations and creating pathways to sustainable economic growth.

Here’s what it means for you:

1. The council’s focus on creating jobs could lead to more opportunities in various sectors, especially for young people and women.
2. Initiatives may be implemented to enhance skills and training programs, making you more employable.
3. There could be increased support for entrepreneurship, providing you with opportunities to start your own business.
4. Job opportunities can empower individuals, especially women, by providing them with financial independence.

Source; The New Times.

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