The country’s labour market is facing a dire crisis. The unemployment rate, especially among the educated youth, is increasing alarmingly, which is a major ominous sign for the country’s future economy.
According to media reports published on Friday, the Labour Force Survey 2024 conducted by the Bangladesh Bureau of Statistics (BBS) has revealed such a worrying situation.
The survey report says, on one hand the educated young generation is increasingly unemployed, while on the other, the number of illiterate workers in the labour market has reached 13 million.
In other words, our human resources are plagued by a crisis of lack of skills and education on one end and a lack of usability of education and skills on the other.One in three graduates is unemployed. The unemployment rate among young people aged 15 to 29 is 29 percent, which is alarming.
Furthermore, there is a huge mismatch between the quality of education and employment. The education system that is awarding degrees to our students is not sufficient to meet the needs of the job market. As a result, a large number of young people, even after graduating, are unable to acquire the skills that will enable them to find jobs.
As reported, unemployment rate is highest in Dhaka Division, where educated youth mainly flock in search of employment. This makes it clear that the process of job creation is not evenly distributed. Another important issue is ‘pseudo-unemployment’.
The people are considered employed if they work for one hour a week. But the reality is that it is not possible to make a living on one hour of work.This definition obscures the true picture of unemployment.
The recent political turmoil in the economy, labour unrest in the garment sector and the global economic shock have all contributed to the worsening unemployment situation. According to experts, this is not just a current crisis, but also a harbinger of future instability.
In this situation, what needs to be done is to align education with employment. Initiatives for skill development and the creation of specialized human resources for the industrial and service sectors are essential.
We hope that the interim government will take into consideration the unemployment situation and its causes and take effective measures to resolve the problem quickly.
The entire education system will have to be restructured to make education relevant to the times and in line with the demands of the job market.
