Pakistan's Economic Future: A Generational Challenge

Pakistan, facing the need to create 30 million jobs over the next decade, must tackle this generational challenge to leverage its youth bulge economically. According to World Bank President Ajay Banga, achieving this goal requires focusing on infrastructure, regulatory reforms, and climate resilience while addressing pressing power sector issues.

Pakistan must generate up to 30 million jobs over the next decade to transform its burgeoning youth population into an economic advantage, according to World Bank President Ajay Banga. Failure to meet this challenge could lead to instability and increased migration, he warned in an exclusive interview with Reuters.

The South Asian nation is currently implementing a 10-year Country Partnership Framework with the World Bank and engaging with the International Monetary Fund to stabilize its economy. However, Banga highlighted that job creation remains a critical challenge, requiring a shift from merely managing projects to focusing on tangible outcomes.

Banga identified three main pillars for Pakistan's job strategy: investment in human and physical infrastructure, business-friendly reforms, and improved financial access for small enterprises. Addressing inefficiencies in the power sector is also vital, as is integrating climate resilience into infrastructure and agriculture development.

(With inputs from agencies.)