World Bank: 600 Million Jobs Needed

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The World Bank has some grim, if glaringly apparent, news for the global economy: We need more jobs.

In its World Development Report 2013: Jobs compilation, the international organization proclaimed that the world will need to create the equivalent of 600 million jobs over the next 15 years simply to maintain current employment levels. That's not good for an American economy already struggling with 8.1% total unemployment – a number itself that soundly beats double-digit unemployment in European nations and other countries.

The WDR's director, Martin Rama, particularly noted the plight of youth unemployment: "The youth challenge alone is staggering," he said in a press release. Unemployment among young people has created numerous concerns about the future employability of today's rising generation. The U.S. Bureau of Labor Statistics cited that unemployment for those aged 16 to 24 came in at 17.1% for the month of July. That's far better than some overseas countries, where youth unemployment tops 50%: Spanish unemployment for the same age cohort reaches 53%, while the Greek under-25 unemployment rate has hit 55%.

The WDR stated the benefits of employment for a stable society, citing employment's benefits in decreasing poverty, child care, efficiency, and social order.

"(T)he right jobs can transform entire societies. Governments need to move jobs to center stage to promote prosperity and fight poverty," World Bank Group President Jim Yong Kim said in a press release.

The U.S. has struggled to bring down its unemployment rate since the 2008 recession, struggling against the 8% unemployment number since January 2009. Unemployment and recession have sparked civil chaos in several nations around the globe, such as Greece and Spain, as governments struggle to control sluggish or contracting economies.

Fool contributor Dan Carroll holds no positions in the stocks mentioned in this article. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.

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  • Report this Comment On October 02, 2012, at 8:15 PM, TMFBlacknGold wrote:

    Well, if developing nations can continue to grow their economies there should be a multiple feedback effect. This is especially true for countries in Africa, which typically are forgotten in world economic forecasts. More people with jobs and money in Africa means more customers/partners for companies in Europe, China, and North America. Africa makes up a huge chunk of world population and right now, most of the continent's inhabitants are untapped potential.

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