A daunting development challenge will confront us for the next decade: More than 1 million jobs per month – every month, for a decade or more – will need to be created to raise the living standards of the 2.6 billion who live on less than $2 per day, and the billions who will soon try to enter the paid workforce amid one of the greatest demographic surges in human history. Job creation in the public sector is expected to be flat, at best, so most of the needed jobs will have to be created by the private sector. But how?
Focusing on the macroeconomic agenda is necessary but insufficient. Most countries have rolled out macro-level reforms, but policymakers increasingly argue that the macro policy agenda must be complemented by targeted growth programs focusing on specific industries and value chains. Policymakers urgently seek practical solutions to meet the job-creation challenge.