The council, launched during the 2024 World Bank Group-IMF Annual Meeting in Washington, D.C., will focus on providing actionable, scalable policy recommendations to address the global jobs challenge.
This initiative is part of the World Bank's broader strategy to combat poverty and foster prosperity by prioritizing job creation, particularly for youth and women in emerging and developing economies. The council's members, a diverse group of global leaders, will offer insights on how to turn the challenge of job creation into an opportunity for growth, innovation, and social stability.
As the world faces an unprecedented demographic shift, with over 1.2 billion people in the Global South expected to reach working age in the next decade, the need for job creation is urgent. It's estimated that only 420 million jobs will be available for this young workforce, leaving a significant gap that the council aims to address.
The council will meet bi-monthly for up to two years, directly interacting with senior management at the World Bank Group to ensure that its ideas are implemented.
Dr. Mwangi's appointment highlights his long-standing commitment to socio-economic development, not only in the financial sector but across broader societal initiatives.
He joins the World Bank's advisory council alongside a distinguished group of global leaders, including Tharman Shanmugaratnam, President of Singapore, and Michelle Bachelet, Former President of Chile.
The council, co-chaired by these two influential figures, brings together 14 eminent individuals from diverse sectors such as policymaking, business, academia, and civil society, all of whom have demonstrated exceptional expertise in job creation and development.
Reflecting on his appointment, Dr. Mwangi expressed his honor and commitment to advancing job creation in Africa. He noted, 'Over the next decade, the world is expected to experience significant demographic shifts, with one in four people on the planet being African, and more than a third of the world's young people residing in Africa.'
Dr. Mwangi emphasized the importance of leveraging Africa's growing youth population to drive economic growth. He highlighted that these demographic changes, driven by progress in health, education, and nutrition across the continent, could lead to a remarkable opportunity for Africa to contribute to global prosperity.
The World Bank's High-Level Advisory Council on Jobs will meet every two months over an initial period of two years, engaging directly with the World Bank Group's senior management. The council's findings and recommendations will inform the Bank's strategies to support job creation and economic development, particularly in regions that face high unemployment rates and economic inequality.
As part of his commitment to supporting Africa's development, Dr. Mwangi also shared his intentions to apply the insights gained from the advisory council to further Equity's own Africa Recovery and Resilience Plan. The plan, which aims to create 50 million jobs across the African continent by 2030, reflects Dr. Mwangi's dedication to ensuring that Africa's burgeoning youth population has access to meaningful employment opportunities.
In addition to Dr. Mwangi, the advisory council includes other distinguished members, such as Guy Ryder, Under Secretary General for Policy at the United Nations; Patrick Achi, Former Prime Minister of Cote d'Ivoire; and Sebastien Bazin, Group Chairman and CEO of Accor Group.
These leaders, alongside Dr. Mwangi, bring a wealth of knowledge and experience to the council, ensuring that the solutions developed will be grounded in both global best practices and local realities.
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