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Bangladesh needs to create 21 mln jobs in next 10 years: WB chief economist

Xinhua, December 13, 2015 Adjust font size:

World Bank (WB) Senior Vice President and Chief Economist Kaushik Basu said here Sunday creating more higher-skilled jobs was a top priority for Bangladesh.

The chief economist also commended the country's remarkable development progress.

Basu made his observations while meeting Prime Minister Sheikh Hasina.

He praised Bangladesh's efforts to create more and better jobs, a prerequisite for reducing poverty and boosting shared prosperity.

Since 2003, the country has been able to create 14 million higher-value jobs and bring more women into the workforce, which has lifted millions of people out of poverty, said Basu, adding 75 percent of the new jobs created were in the manufacturing and service sector.

"But, there is no time for complacency. Bangladesh needs to create 21 million jobs in the next 10 years for the new entrants in the job market. The country needs to address infrastructure bottlenecks, improve business and investment in climate and enhance the quality of education and vocational training to create adequate jobs for its youths.," Basu was quoted as saying in a statement of the World Bank.

Basu will meet with senior government officials, including the Finance Minister and the governor of Bangladesh Bank, among others. He also met with the private sector leaders and development partners.

"I am happy to be back in Bangladesh. The resilience of its people, the innovation and progress in this country has been impressive," said Basu.

"Bangladesh has made great strides in promoting financial inclusion, and raising agricultural productivity. Indeed, other countries can learn from Bangladesh's rich experience of reducing poverty and advancing the development agenda. With the right policies and a few timely actions, it is possible for Bangladesh to emerge as the next Asian Tiger. That today we can think along these terms is testimony to how far Bangladesh has come."

Basu came to Dhaka on Saturday at the invitation of the Bangladesh Bank to join the International Workshop on Macro Economic Stability, Private Sector Development and Economic Growth.

The Bangladesh Bank and the United Nations Department of Economic and Social Affairs (UNDESA) jointly organized the workshop. Endit