Economic growth hinges on proper skills development of the youth

Bangladesh must focus on proper skills development of the vast young population to achieve higher economic growth, a former finance adviser to caretaker government said yesterday.

“We have to improve our workforce's productivity to reap the demographic dividend,” AB Mirza Azizul Islam said at the launch of a book in Dhaka.

The South Asian Institute of Advanced Studies launched the book—Bangladesh's population, environment and economy—at the Government Officers' Club in Baily Road.

The book divided in three sections—population, environment and economy—is a compilation of 15 articles from 17 writers. Mohammed A Mabud, chairman of South Asian Institute of Advanced Studies, edited the book.

Demographic dividend is the surge in economic growth that may result from a decline in a country's mortality and fertility and the subsequent change in the age structure of the population. This decline is often accompanied by an increase in average life expectancy, which increases the size of the working-age population.

In 2011, around 64.59 percent of the country's people belonged to the working-age population, which is expected to reach 67.53 percent of the population in 2051, according to the book.

Goldman Sachs has listed Bangladesh among its "Next 11" countries that have the potential to become major economies mainly because of its young population, Islam said.

Young workforce, therefore, is an asset for the country, Islam said, adding that the country has now around 485 training institutes, but most of them do not offer training based on market and demand.

“So, it is an urgent need to provide right type of training to the young workforce with proper coordination of the private and public sectors.”

Khandker Anwarul Islam, secretary of Bridges Division, also stressed the need for skills upgrade of the workforce for higher productivity.

The demand for manual work is declining gradually across the world as most companies are focusing on automation for improving productivity, he said.

“This automation has also affected the construction work of Padma Multipurpose Bridge.”

China Major Bridge Engineering Construction Company will use modern technology to build the Padma bridge, which requires less manual work. Around 8,000 people were engaged to build Bangabandhu bridge over Jamuna river, whereas only 800 people will be needed for the construction of the Padma bridge, he said. 

Prof Ainun Nishat, an environmentalist, and Prof Amin U Sarkar, vice chancellor of North South University, also spoke.