Why unemployment is rising

Bangladesh's youth population has increased by 15.81 per cent to 45.9 million over the last decade, according to the latest census. So, we have a great opportunity to make the most out of our working-age population (15 to 64). However, what is unfortunate is that till now we have largely failed to utilise our working-age population. The number of unemployed people in the country rose to 2.59 million in the first quarter (January-March) of 2023, up from 2.32 million in the last quarter of 2022; say the data of Bangladesh Bureau of Statistics.

Many causes are responsible for this situation. Firstly, a lack of employment opportunities is making the problem acuter as the graduates are now unable to find the jobs they desire. Secondly, our educational institutions are not providing students with pro-career education. Thirdly, vocational training is inadequate. Our youths do not have enough skills in terms of getting familiar with the latest technology. Fourthly, corruption and nepotism have compelled the eligible candidates to remain unemployed for a long period of time.

Last but not least, our younger generation is not yet ready to become entrepreneurs. If they are not encouraged to be entrepreneurs, newer jobs will not be generated. Even a lack of financial support prevents them from becoming entrepreneurs. The above-mentioned reasons behind our growing unemployment rate should be addressed immediately. We know that the solution cannot be made overnight, but the combined efforts of everyone can pave the way for creating employment, which is a prerequisite for our economic development.

Nargis Sultana,

Assistant Professor,

Department of Finance and Banking,

Comilla University, Cumilla,

nslipa.13@gmail.com