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Bangladesh failing to utilize working-age population: World Bank

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Bangladesh failing to utilize working-age population: World Bank
The World Bank has warned that Bangladesh's window of opportunity to accelerate economic growth by leveraging the population's favorable age structure is steadily narrowing. A report titled 'Demographic Change in South Asia' published on Tuesday said that the period of reaping the demographic dividend in the country will peak in 2045. However, Bangladesh lags behind in creating adequate employment, increasing women's participation in the labor market, and building skilled human resources. If this large working-age population cannot be utilized, there is a risk that it will become an economic burden.

The report said that within less than a decade, South Asia's working-age population will reach its peak and begin to decline. By 2049, the region, and by 2051, Bangladesh will become countries dominated by their elderly populations. In Bangladesh's case, the organization has identified the employment deficit as a major obstacle. About 84 percent of the country's workers are employed in the informal sector, and 44 percent of university degree holders are involved in informal work. In addition, healthcare and social security systems for the elderly are inadequate.

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Jean Pesme, World Bank Country Director for Bangladesh and Bhutan, said that harnessing the demographic opportunity depends on the steps taken now. Quality employment must be created, youth must be made skilled, and barriers to women's entry into the workforce must be removed. To address this situation, the World Bank has recommended increasing productive employment, improving the quality of education and skills, and building effective pensions and healthcare for the elderly.

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