According to a World Bank report, the global economy needs to create an additional 600 million new jobs to absorb the increasing working-age populations mainly in Asia and Sub-Saharan Africa. As per the World Development Report 2013, at a time when the world is struggling to emerge from the global crisis, some 200 million people including 75 million under the age of 25 are unemployed. I fact, more than 620 million young people are neither working nor studying. Just to keep employment rates constant, the worldwide number of jobs will have to increase by around 600 million over a 15-year period. It thus becomes all the more important that governments work well with the private sector that accounts for 90 percent of all jobs.
Source: The Economic Times