Tuesday, January 19We Break the News

BUSINESS: World Bank has recommended the government on the creation of formal jobs.

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The World Bank has cautioned government on the need to create formal jobs in the economy.Releasing their report on jobs strategy for inclusive development on February 27, the World Bank noted that in the next 10 years, Uganda will have a 13 million-strong workforce that will be demanding formal jobs.This demand will require quicker and better economic growth and development.“Uganda now needs to create more jobs for the growing work force. The work force in Uganda is quite unique and it is currently growing at around 3.94% per year, “Dino Merotto ,the lead economist at the World Bank said.Merotto said there is productivity jobs and I’m the rising economy, there is need to act fast to meet the demand of the growing population in the near future.Uganda’s economy is growing at 5% but it is mostly centered in agriculture and services sector.However, agriculture’s contribution to the GDP has reduced by 24% and government has turned to manufacturing industries.“The young people are not so much needed on the farm, as per the rise of activities, they are going to be to move to city but they will want to move there if there are good opportunities for them, “he said.There are over 18 million people in the work force of the country according to national labour force survey done in 2017 but less than 4 million are active participants in the formal economy.By 2030, the World Bank predicts that this will grow to 21 million people.

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