Manila: The World Bank is spearheading efforts to enhance job opportunities for young people in the East Asia and Pacific (EAP) region, aiming to drive economic growth and alleviate poverty. The strategy involves a comprehensive approach that includes policy reforms, private sector engagement, infrastructure development, and targeted skills training.
According to World Bank, the World Bank’s initiatives in the EAP region are exemplified by several key programs. In the Philippines, the Sustainable Recovery Development Policy Loan is designed to enhance competitiveness and foster job creation across various sectors of the economy. In Fiji, the Tourism Development Program in Vanua Levu focuses on improving local infrastructure, attracting private investment, and generating employment opportunities. Meanwhile, in Indonesia, the Productive and Sustainable Investment Development Policy Loan supports essential reforms, job creation, and economic growth.
The World Bank also emphasizes research efforts to address youth unemployment and the evolving labor market. This includes studies on the impact of technology on employment and the importance of skills development and labor market reforms. By equipping young individuals with the necessary skills and opportunities, the World Bank aims to empower them to contribute to and benefit from sustainable economic development in the region.