Around 800 million young people entering the workforce in developing nations over the next 15 years will fail to find jobs unless immediate policy actions are taken, the United Nations Development Programme (UNDP).
The UN development agency stressed that without swift interventions, this massive youth population will face a bleak, jobless future.
UNDP Administrator Alexander De Croo sounded this global alarm on Tuesday while virtually addressing the regular noon briefing at the UN Headquarters, broadcast live on the UN Web TV.
He joined the online press briefing from the sidelines of the ongoing annual meetings of the World Bank Group and the International Monetary Fund (IMF) in Bangkok.
During the 22-minute virtual briefing, De Croo displayed the core framework of the agency's new policy report titled 'No Time to Recover'.
Presenting demographic growth charts and the current technological landscape on the digital screen, he noted, “Without policy changes and targeted steps, this problem will not solve itself. The majority of the population in developing nations is aged between 18 and 25, which presents a significant challenge.”
The UNDP chief utilised graphics during the live briefing to explain a 'triple shock' currently hitting the globe—compounding high debt distress, intense El Nino impacts, and soaring energy prices.
He showed that middle-income developing countries are now spending 9.5 percent of their total government revenues solely on debt interest payments, which is three times higher than high-income nations and the highest level in 25 years.
If this trend continues, an additional 130 million people worldwide could plunge into extreme poverty, he warned.
To tackle this crisis, De Croo announced the launch of two new global flagship initiatives by UNDP, in partnership with the World Bank Group, the European Investment Bank, and the European Bank for Reconstruction and Development.
The initiatives—'Investment Accelerator' and 'Jobs for Prosperity Facility'—aim to scale up investments and employment in developing economies. The official logos and presentation slides were unveiled on screen, highlighting that pilot projects have already commenced in Nepal, Yemen, Haiti, Lebanon, and Ghana.
In the final segment of the briefing, De Croo interacted through the screen to answer questions raised by journalists present at the UN Headquarters.
Responding to queries regarding the impact of artificial intelligence (AI) and climate risks on the insurance sector, he assured that despite the spread of AI, labour-intensive sectors like services, agriculture, and tourism can generate massive employment.
Citing the 2015 climate disasters in Asia that caused $65 billion in economic damage but had only $5 billion covered by insurance, he urged for stronger protection for small and medium enterprises.
Concluding the press briefing, De Croo called for global solidarity and international action, reiterating that creating new and sustainable jobs is the only viable path to lift people out of multidimensional poverty.
