World bank reveals 5 key sectors to drive job creation next decade

Ajay Banga, president of the World Bank Group, has identified infrastructure, healthcare, agribusiness, tourism, and manufacturing, as the five key sectors which can drive job creation in emerging markets in the coming decade.

He emphasised that infrastructure which includes bridges, roads, electricity, digital connectivity, and healthcare facilities are essential for economic growth. Agribusiness, also presents a major opportunity, particularly in Africa, where only 6 percent of land is irrigated compared to Asia’s 37 percent.

Healthcare plays a crucial role in employment by generating jobs for nurses, diagnostic technicians, PPE manufacturers, and midwives. Tourism, especially in regions rich in natural and cultural heritage, serves as a direct job multiplier.

Finally, manufacturing is vital for both local and regional consumption, providing opportunities for value addition to natural resources.

A World Bank report notes that only an estimated 420 million jobs are expected to be created, even as 1.2 billion young people across emerging economies enter the workforce over the next decade.

This message was reinforced during the 2025 Spring Meetings of the World Bank Group, where it was stated that the bank is shifting its approach to tackling youth unemployment, aiming for sustainable and inclusive job creation, not just as a development goal, but as a global necessity.

Banga highlighted the urgency of the issue, stating, “The dignity you get from a job is what really lifts you from poverty.”

Emphasizing a three-part strategy, Banga explained how the bank’s public sector arms (IBRD and IDA), private sector branches (IFC and MIGA), and knowledge services will collaborate to build infrastructure, reform policies, and mobilize private investment to drive job creation.

“We’re taking a practical three-part approach,” Banga noted. “In 2024, nearly half of our public sector financing was performance-based, linked to results, up from 28 percent a decade ago.”

“It’s not just about extracting minerals,” Banga emphasised. “It’s about giving people the chance to do things with their hands and their brains.”

Case studies in inclusive growth

A development podcast hosted by Lindy Mtongana of the World Bank titled ‘Jobs: The Path to Prosperity, ’spotlighted stories of resilience and practical strategies to address this urgent global issue.

Among the country case studies of inclusive growth discussed is the one of Omprakash Shukla, chairman and founder of Royal Group of Companies in Kenya.

He shared insights, noting that over 5800  workers in his factory produce clothing for global brands.

“So we started with a very humble beginning in 2010, with small operations, providing jobs to 225 people at the time. Today, we are running 2,500 machines and employing over 5,800 workers. Of those 5,800 individuals, 70 percent are women. In 2025, we are aiming for an 80 to 100 million US dollar turnover. And by 2027–2028, we are targeting $500 million in revenue,” Shukla said.

His factory is part of a broader World Bank-backed initiative to strengthen supply chains and promote inclusive growth.

Similar efforts in Côte d’Ivoire have supported over 18,000 jobs through improved cashew nut production, while horticulture investments in Uzbekistan have created more than 34,000 permanent positions.

In Nigeria, the case is no different as the Worldbank has supported Resilient and Inclusive Supply-Chain Enhancement (RISE), a global initiative supporting developing countries, to build sustainable supply chains for clean energy products.

Another is, Nigeria State Action on Business Enabling Reforms (SABER), a $750 million credit program was set up in 2022, to help Nigeria accelerate the implementation of critical actions that will improve the business enabling environment in states.

It was designed to improve the business environment across Nigeria’s states by addressing challenges in land administration, investment promotion, and regulatory frameworks.

The World Bank stated, “In order for the economy to meet the government’s aspiration of achieving a $1 trillion economy by 2030 and deliver poverty reduction and shared prosperity, the pace of growth needs to accelerate further and its composition rebalanced towards those economic sectors and firms that are most productive, generate positive spillovers, and create jobs and opportunities at scale, especially for the poor and economically insecure.

Makhtar Diop, managing director of the International Finance Corporation (IFC), stressed that the private sector is ‘mission-critical’ to scaling up job creation.

“A lot of job creation comes from the intersection of the public and private sectors. You need policies conducive to investment, but also conditions for returns,” he stated.