As Bangladesh has been walking on the road of progress, it can't deny Youth employment as a significant challenge in Bangladesh. The country is currently running through a phase of demographic dividend, and according to SANEM, it will continue to enjoy this dividend until 2030. In contrast, it also depicts 79.7 of the total unemployed population between the age of 15-29 years. Hence, the concerns lie ahead as to how better we are prepared to turn this challenge into an opportunity and subsequently enjoy the benefits.
In Bangladesh, Jobs have been seen now as equal to chasing a golden deer. According to a recent World Bank study, the working-age population will increase by 170,000 every month in Bangladesh; and to keep employment rates constant, 1.1 million additional jobs would be needed every year. What have we done to ensure it?
Even though it requires not only quantity but also decent jobs, that is still constant. Lack of proper skill, the influx of foreign workers to the job sectors, and inequality in the job sectors have been detected as the root of this problem. In this place, Govt can step forward with window opportunities such as initiating free skill development for youths, halting to prioritize foreign workers, and ensuring equal distribution. Therefore, despite the short posts of Govt sector (only 3.8% of the whole), it has created another unemployment crisis for persistently relying upon it.
Graduate young are not usually keen to take endeavor for something by themselves. Because as regards the job market in Bangladesh is pretty precarious. Govt can take initiatives here in many ways- providing them short- and long-term loans with a nominal interest rate, later on supervising a specific period of time to help them overcome primary obstacles. Since the individual proprietorship creates 61% of jobs, it must be chosen as the first priority for Govt to characterize public funding by favoring this sector. Instance, Small, and Medium Industries should be given priority. Doing so could bring a pragmatic and substantial way to create more jobs along with Economic progress.
Bangladesh has not been doing well enough in transforming to the next phase of industrialization. The manufacturing sector in Bangladesh is significantly evaporated with low value-added readymade garments, and this is deemed to be the heaviest impediment for it to successfully step into the next generation of manufacturing, exceptionally to high value-added manufacturing. For instance, the Government should consider the emphasis on producing various goods to mitigate the risk of the crash of a single-dependent one. Moreover, Bangladesh is to come out of the LDC country's list by 2024. Expert says it will vacate more jobs due to the fall of export to 2.4 billion dollars.
Notwithstanding, we will be experiencing a rise in GDP growth during that time. Because employment is not the only significant criterion of economic advancement, it is named "jobless growth." Currently, South Asian countries are in the face of this problem. Financing is only the public sector that causes this problem.
Therefore, Bangladesh needs to attach strong emphasis on improving the existing low level of human capital by enhancing investment in education, skill development, and health facilities and making such spending more efficient. In this case, both the Government and the private sector have significant roles to play. Only then would youth employment be consistent with economic growth.
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