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IFC Jobs Study: Assessing Private Sector Contributions to Job Creation and Poverty Reduction

January 24, 2013

IFC Jobs Study: Assessing Private Sector Contributions to Job Creation and Poverty Reduction (PDF)

Source: International Finance Corporation

From press release:

With so many young workers joining the labor force, more than 600 million jobs must be created by the end of the decade just to maintain today’s employment levels. The vast majority—90 percent, by most estimates—must come from the private sector. There is no alternative.

IFC, the world’s largest global development institution focused on the private sector, has decades of experience financing and advising private firms throughout the developing world. We sum up our thinking on job creation in a new IFC Jobs Study released. The study, produced with support from our Dutch, Swiss, and U.K. donor partners, complements the World Bank’s recent World Development Report 2013-Jobs.

In many developing countries, several factors hold back private sector growth:

  • Investment Climate: Red tape and taxes are excessive
  • Infrastructure: Power outages are frequent, roads are bad, ports are clogged
  • Access to Finance: Banks often won’t lend to smaller firms; investors won’t invest in them
  • Skills: Job applicants lack relevant abilities

Steps can be taken, however, to remove these and other major obstacles. This frees up local entrepreneurs to create the stable, well-paying jobs with good working conditions that are essential to the fight against poverty.

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