World Bank urges urgent action on jobs and social protection

The World Bank is calling for urgent action and scale to end global poverty, warning that progress has slowed substantially over the past decade due to sluggish economic growth, high debt, conflicts, and severe weather-related shocks, according to a press release. More than 800 million people live on less than $3 a day, a figure largely unchanged since 2019. Nearly 3.7 billion people, almost half of the world’s population, survive on less than $8.30 a day. The institution emphasizes that above all else, the world needs jobs. Its strategy centers on jobs, social protection, infrastructure, private capital, and business-enabling reforms.

Over the next ten to fifteen years, 1.2 billion young people in developing countries will reach working age, but only 420 million jobs are projected to be available. In Sub-Saharan Africa, up to 12 million young people enter the labor market yearly, while only 3 million wage jobs are created. In South Asia, 16 million people seek work annually, and approximately 6 million do not find it. The International Development Association (IDA) is working with low-income countries to equip job seekers with marketable skills. In Bangladesh, Sharmin Akhter received entrepreneurship training through the IDA-backed RAISE program and now employs 240 people, mostly women.

In India, nearly 6 million young women and men have received training through the Skill India Mission Operation, with 40 percent securing paid jobs within six months. Launched in July 2024, the SP500 goal aims to reach 500 million people, including at least 250 million women, with social protection and employment programs by 2030. As of September 2026, 259 million people, 136 million of them women, have been reached. In Bolivia, the STEP Project delivered temporary cash transfers to approximately eight million people. These supported access to transportation, schooling, and healthcare amid fuel subsidy reforms.

Infrastructure remains critical, as nearly 600 million people in Sub-Saharan Africa still lack electricity. Mission 300, a joint initiative with the African Development Bank, aims to connect 300 million people by 2030, with over 64 million already reached. In Malawi, nearly two million people have gained access to electricity, with almost a quarter of connections going to female-headed households.

“I would like to build a small shop to run a small business, including a grocery, barbershop, and phone charging facilities, which will help me generate money and support my kids,” said Bertha Macheso, a primary school teacher.

In fiscal year 2026, the World Bank Group mobilized a record $112 billion in private capital.

MIGA issued over $25 billion in guarantees in a single year, surpassing the Group’s 2030 annual target four years early. In Rwanda, a $20.6 million MIGA guarantee enabled redevelopment of the Umubano Hotel, which reopened as the Mövenpick in November 2025, creating 170 local jobs. In the Kyrgyz Republic, an IFC-supported investor grievance mechanism helped retain $38 million in investment and protect 812 jobs within two years. In Jordan, the World Bank supports the goal of doubling female labor force participation from 14 to 28 percent by 2033. The question for the next decade is whether opportunities can be created fast enough and at sufficient scale to give every person a chance to escape poverty.