BD youth unemployment rate will continue to be high: ILO

Youth unemployment in Bangladesh will continue to be high- more than double the national unemployment rate- with university graduates being the hardest hit, according to a report released on Wednesday by the International Labour Organization (ILO).

"The global contraction of jobs is of grave concern, especially for Bangladesh, which is undergoing political, economic, social and climatic transitions and sends over a million workers abroad," said Tuomo Poutiainen, the outgoing country director for ILO in Bangladesh.

"The WESO report underscores the need for Bangladesh not to lose sight of the urgency for creating decent work opportunities, particularly for women and youth," he said in a statement.

"As more jobs are anticipated in high-skilled occupations, such as for digital jobs, it is critical for Bangladesh to move forward with its skill development reforms to adequately equip its labour force for more specialised, better-paying jobs both in the country and abroad," he added.

And while educational attainment continues to rise worldwide, the labour market remains characterised by significant educational mismatches.

As of 2022, only 47.7 per cent of workers held qualifications that appropriately matched their job requirements.

The share of under-educated workers declined from 37.9 to 33.4 per cent over the past decade, but the share of over-educated workers increased from 15.5 to 18.9 per cent.

The ILO in its latest update 'World Employment and Social Outlook (WESO)' downgraded global employment forecast by up to 7.0 million jobs in 2025 due to rising uncertainty.

It has identified geopolitical tensions and trade disruptions as key factors in a weakened economic outlook, leading to slower job growth.

The ILO has revised its global employment forecast for 2025, projecting the creation of 53 million jobs instead of the previously estimated 60 million.

This translates into a reduction in global employment growth from 1.7 per cent to 1.5 per cent this year.

The drop- which is the equivalent of around seven million fewer additional jobs- reflects a downgraded global economic outlook, as GDP growth is expected at 2.8 per cent, down from a previous projection of 3.2 per cent.

munni_fe@yahoo.com