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Philippines: Why We Need to Invest in the Poor

Karl Kendrick Chua's picture
A fish vendor waits for customers in his stall in Cebu City. According to the latest Philippine Economic Update, pushing key reforms to secure access to land, promote competition and simplify business regulations will also help create more and better jobs and lift people out of poverty. ​(Photo by World Bank)



In my 10 years of working in the World Bank, I have seen remarkable changes around me. In 2004, Emerald Avenue in Ortigas Center, where the old World Bank office was located, started to wind down after 9 PM.  Finding a place to buy a midnight snack whenever I did overtime was hard. It was also hard to find a taxi after work.

Today, even at 3 AM, the street is bustling with 24-hour restaurants, coffee shops, and convenience stores, hundreds of BPO (Business Process Outsourcing) employees taking their break, and a line of taxis waiting to bring these new middle class earners home. Living in Ortigas Center today means that I also benefit from these changes.

Mongolia needs better roads, schools and hospitals: so why all this talk about saving for the future?

Gregory Smith's picture
Also available in: Mongolian

Mongolia’s mining revenues are set to soar in the coming years, but here people talk about the need to save for the future.

Surely building infrastructure, educating young Mongolians, improving healthcare and creating jobs is important? Surely by achieving these development goals Mongolia is providing for the next generation? These are great questions. Mongolia must do these things. But they in turn depend on efforts to prevent boom and bust and provide financial assets for future generations. Saving some of the revenues in good times is part of effective natural resource management.

Keeping the hope alive in Myanmar

Axel van Trotsenburg's picture
Axel talks about his trip to Myanmar in a video below.

You can feel the energy in Myanmar today—from the streets of Yangon, in the offices of government ministries and in rural villages. Dramatic political and economic changes are sweeping the country.

What skills are employers looking for in Vietnam’s workforce?

Christian Bodewig's picture

Cũng có ở Tiếng việt

Last month, we asked you for your views about whether Vietnam’s workforce is ready for the future, "from rice to robots". Developing a skilled workforce for an industrialized economy by 2020 is one of the stated top priorities of Vietnam, now that it has joined the ranks of middle-income countries. Not surprisingly, education reform was on the minds of members of the Central Committee of the Communist Party during a recent meeting.  However, education is also hotly debated by Vietnam’s citizens as seen and heard in an online discussion on human resource development, organized by the World Bank and VietNamNet, a local online newspaper, and by readers of our blog.

From rice to robots: Is Vietnam's workforce ready for the future? Let us know what you think!

Christian Bodewig's picture

Cũng có ở Tiếng việt

As a member of the WTO since 2007 and located in the middle of fast-growing East Asia, Vietnam has earned a reputation as a smart place to invest. Its people are a major asset in attracting foreign investors: Vietnam can boast of its comparatively low wages and a large, young and hard-working labor force. Despite Vietnam’s success so far, it remains to be seen whether its workforce is ready for the next phase in the country’s development – to carry forward the transition from a largely agrarian to an industrialized economy.  Are Vietnam’s workers ready to move from low to high tech production? From rice to robots?

Recipe for economic growth in the Philippines: invest in infrastructure, education, and job creation

Rogier van den Brink's picture
The report says that a highly-educated, healthier and skilled workforce will enhance productivity.

Economic news coming from the Philippines is surprisingly positive, and this has not gone unnoticed in international circles, judging by the number of inquiries we—the World Bank economic team in Manila that I am now leading—are getting. Our GDP growth forecast for 2012 (included in the new Philippines Quarterly Update report) is a solid 4.6 percent, while the first quarter saw an even more respectable growth rate of 6.4 percent. Other good news: foreign direct investment doubled in the first quarter, exports were up by 18 percent, and two ratings agencies upgraded their outlook on the Philippines.

However, the economy faces two challenges going forward: it will need to defend itself against a global slowdown, and it will also need to create a more inclusive growth pattern—one that creates more and better jobs, because performance on job creation has not been part of the positive news coming from the Philippines for quite a while now.

Jobs and skills: more answers to your questions

Lars Sondergaard's picture

(Last week, I posted: “Wanted: Jobs and your questions about how to find them” on this blog. We received dozens of questions back through social media. Lars Sondergaard, a World Bank expert on education, answered some of them in a video and now he gets to a few more here. He throws out some questions of his own and would love to hear back from you. — Anne Elicaño)

Anonymous asked through the blog: I was wondering about job outlook for chemical and mechanical engineers in the future”

If you are just about to graduate as an engineer and worry whether you will be able to find a job, I have some good news: in most countries, too few students study engineering relative to the jobs available with the results that engineering graduates tend to have an easier time finding employment than their peers. A lot is written about this vibrant demand, check out this article in Forbes about the demand for engineers  (or the World Bank’s “Putting Higher Education to Work: Skills and Research for Growth”)

Answers to your questions on jobs and skills

Anne Elicaño's picture

 Earlier this week I asked you to send us your questions about the link between jobs and skills --which should I acquire to make it in the current job environment? Thanks for all the replies --there were so many and so interesting that Lars Sondergaard, our expert, will address in a separate blog post next week the ones that couldn't make it into the video interview. Stay tuned!

 

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