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Global financial crisis cuts jobs for youths

Atiur speaks at a UN discussion on sustainable development

Star Business Desk

The global financial crisis led to a serious slippage in job creation for the younger population, Bangladesh Bank Governor Atiur Rahman said.
As a result, employment-centric sustainable development strategies have gained heightened attention, he said.
In 2011 alone, as many as 74.8 million youths up to 24 years of age were unemployed around the globe.
The challenges faced by various countries are broadly similar, warranting cooperation in the buildup of a strong political will and social commitment by various actors towards sustainably creating decent jobs, Rahman said.
The central bank governor spoke at a ministerial panel of the United Nations Economic and Social Council at the UN headquarters in New York on Tuesday, the BB said in a statement yesterday.
Sustainable development goals must recognise the shifts that are taking place in the global economy, and carry out the required adjustments in national economy in that context, Rahman said at the discussion on 'employment-centric sustainable development'.
Countries must invest in better education for the youth, providing them with skills of science, technology, engineering, and mathematics, he said.


The Bangladesh lessons in efforts towards achieving such goals would thus be pertinent to efforts elsewhere. “Bangladesh's development strategies target employment generation as an intended outcome of the diverse development initiatives in various sectors, with ex-ante and ex-post assessments of employment impact of each initiative.”
The countrywide campaign for financing of output initiatives of rural and urban farm and off-farm micro, small and medium enterprises is creating jobs for millions, besides self-employment for the entrepreneurs, Rahman said.
Massive modernisation of the country's payments system and financial sector IT infrastructure has triggered rapid expansion of cost efficient mobile phone/smart card based agent banking in the remoter rural regions.
Populous developing countries like Bangladesh need to focus on investment in labor intensive manufacturing and services rather than in capital intensive heavy industries.
Investment in vocational training including retaining for older workers whose jobs have been eliminated is also required, he said.
Emphasising job creating industrialisation must not undermine agriculture, particularly value-added agriculture, which will continue to provide huge employment/self-employment opportunities for majority of population of developing countries, Rahman said.
“So diversification of economic structures will remain at the core of employment-centric sustainable development processes.”

Published: 12:02 am Thursday, July 10, 2014

Last modified: 4:52 pm Thursday, July 10, 2014

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