Nothing drives poverty reduction as much as access to jobs and increasing wages, World Bank research shows. The 2013 World Development Report calls jobs a cornerstone for development that connects living standards, productivity and social cohesion – all critical for achieving inclusive growth.
Access to good, steady jobs and living wages are key to the Bank’s goal to end extreme poverty by 2030 and to promote shared prosperity in the nations we serve.
Keeping people in growing nations employed will be a challenge, however. The International Labor Organization estimates that more than 400 million more jobs must be created worldwide between 2012 and 2022 to keep unemployment from rising.
Demand for labor-related Bank support has been growing over the last couple of decades, especially in wake of the 2008 financial crisis which eliminated up to 50 million jobs, according to some estimates.
Between 2009 and 2011, the Bank’s annual financial support for labor programs was $634 million on average, up from $477 million between 1998 and 2008.