Empowering the Next Billion; Ajay Banga on Jobs, Growth, and Opportunity

Picture Credit: by BBC

Ajay Banga, president of the World Bank, spends much of his time confronting one of the 21st century’s most urgent challenges: preparing emerging-market youth for the workforce. Over the next decade, the World Bank estimates that 1.2 billion young people will enter the job market, yet only 400 million new jobs are expected, leaving 800 million youth without employment opportunities. This “ticking time bomb,” Banga warns, threatens social stability, particularly in regions where demographic booms coincide with urban population growth.

Banga’s career; spanning Nestle India, PepsiCo, Citigroup, and Mastercard, reflects a consistent focus on scale and impact. At Mastercard, he championed financial inclusion and digitization, transforming the company from a $20 billion to a $360 billion enterprise while extending access to digital payments to millions. His professional journey informs his current mission: creating pathways for youth to thrive economically while ensuring long-term societal stability.

For Banga, emerging markets hold untapped potential in infrastructure, agriculture, tourism, healthcare, and value-added manufacturing. But realizing this potential requires three pillars: growth, stable governance, and private-sector engagement. Public funds alone cannot meet the investment demands of climate resilience, infrastructure, and energy transition; catalytic private capital is essential to create jobs and expand opportunity.

Picture Credit: by Unmudl

Banga emphasizes that leadership, adaptability, and empathy are critical to addressing these complex challenges. He believes long-term solutions require curiosity, open-mindedness, and the courage to fail fast and iterate. His vision extends beyond economics: legal migration, multilateral cooperation, and inclusive policies are equally crucial to creating stable societies globally.

As the world faces historic shifts in demographics and technology, Banga’s focus is clear: empower the next generation with opportunity, skills, and hope. By doing so, emerging markets can avoid fragility and conflict, enabling youth to drive decades of growth, innovation, and social progress.