BusinessNews

World Bank Cautions Government on Creation of Formal Jobs

1 Mins read

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 Thursday the World Bank cited that 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 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 contribution to the GDP has reduced by 24% and government has turned the gun bowing 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 is good opportunities for them,”he said. 

There are over 18  million in the work force of the country according to national labour force 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.

Related posts
Business

Uganda Returns Seized Fishing Boats to DRC in Bid to Deepen Cross-Border Cooperation

1 Mins read
In a diplomatic gesture aimed at fostering regional harmony and cooperation, the Government of Uganda has returned 184 outboard engines and 56…
Business

NSSF Unveils Strategy Centered on Safety, Convenience, and Empowerment

1 Mins read
The Managing Director of the National Social Security Fund (NSSF) Uganda, Patrick Michael Ayota, has outlined a new strategy aimed at enhancing…
EntertainmentNews

World of Sounds Concert Returns to Kampala with International Headliner

1 Mins read
The World of Sounds concert series is set to return for its second season on August 29 at the Sheraton Hotel Gardens,…