- Commitment to providing free textbooks
- Organizing vocational and technical training programs
- Aim to nurture a skilled workforce
Bangladesh is steadily advancing on the path of development, keeping pace with the strides made by developed nations across the globe. As living standards rise and basic needs are met, the nation emerges as an unstoppable force in the journey towards progress. Prime Minister Sheikh Hasina, following in the footsteps of the father of the nation, envisions a future where Bangladesh stands as a developed nation by 2041.
Prime Minister Sheikh Hasina made a significant announcement on Wednesday, revealing that the unemployment rate in Bangladesh has dropped to just 3% of the total population. In a recent address, she highlighted significant strides in reducing unemployment, marking a pivotal milestone in the nation’s development journey.
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Bangladesh is committed to achieving the Sustainable Development Goals (SDGs) by 2030 and becoming a developed country by 2041. For this, the government is creating various job opportunities for the youth. Moreover, important steps are being taken to ensure specific jobs.
Further elaborating on the government’s initiatives, Prime Minister Hasina reiterated the commitment to providing free textbooks and organizing vocational and technical training programs to nurture a skilled workforce.
Unemployment Rate Hits 3%
Prime Minister Sheikh Hasina, speaking at an event commemorating May Day at the Bangabandhu International Conference Center, disclosed that Bangladesh’s unemployment rate has plummeted to a remarkable 3% of the total population. This significant decrease is attributed to the government’s unwavering commitment to expanding educational opportunities and creating job prospects for the youth.
The decline in unemployment can be directly linked to various initiatives undertaken by the government. Prime Minister Hasina emphasized the provision of free textbooks and the implementation of technical education and vocational training programs to equip the youth with the necessary skills for employment. Moreover, the government’s efforts to open up the private sector have played a pivotal role in boosting employment opportunities across the country.
“Today, our unemployment rate stands at 3%, a remarkable achievement considering it was previously two to three times higher,” stated Prime Minister Hasina, underscoring the effectiveness of governmental initiatives in tackling unemployment head-on.
How unemployment rate is decreasing in Bangladesh?
The unemployment rate in Bangladesh is decreasing due to a series of strategic initiatives and policies aimed at creating employment opportunities and empowering the youth. Here’s why the unemployment rate is on the decline:
Government-led Programs: Sheikh Hasina’s administration has implemented various programs targeted at reducing youth unemployment. These initiatives include the expansion of technical training for illiterate and low-educated youth, the continuation and enhancement of micro-credit facilities for self-employed entrepreneurs, and the gradual expansion of the National Service Program to all upazilas across the country.
Technical and Vocational Education
In Bangladesh, technical and vocational education is structured around a variety of programs. These include a three-month basic training and four-year diploma courses. Educational institutions operate across four tiers: secondary (SSC), higher secondary (HSC), diploma, and short-term training courses. Leading the charge are Polytechnic Institutes, supported by technical schools and colleges, textile institutes, agriculture training institutes, medical technology institutes, and various other specialized institutions.
Over the last decade, there has been a significant rise in the number of technical and vocational institutions. According to the Bangladesh Education Statistics 2022, there were 2,547 standalone technical-vocational institutions, with 322 under public management. When including those affiliated with general educational institutions, the total count of technical and vocational institutions reached 7,819 in 2022, with 6,91 being public. Enrollments have similarly surged, with 0.33 million students engaged in technical education by the close of 2022.
Skill Development: Emphasis is placed on enhancing technical skills through the establishment of polytechnic and vocational institutes. These institutes provide new technology education opportunities to exploit emerging employment prospects both domestically and internationally. Additionally, initiatives like setting up libraries in each upazila and developing SMART Youth Hubs aim to foster intellectual development among the youth, further enhancing their employability.
Entrepreneurship Support: “Any youth can take loan there without collateral. They can do their own business with that and we have created that opportunity,” said Prime Minister Hasina. Special cells have been established to provide financial assistance to entrepreneurs through loans on favorable terms from commercial banks, specialized banks, and financial institutions. This support extends to underprivileged individuals, persons with disabilities, and physically challenged youths through educational and medical assistance schemes. The development of the Sheikh Hasina National Youth Development Institute as a center for excellence also contributes to entrepreneurship development.
Industrialization and Agriculture: The government is committed to creating employment opportunities by developing the industrial sector and establishing new industries. Focus is placed on cottage, small, and medium industries, which are significant contributors to employment generation. Support is provided to strengthen and organize these sectors, including training for management skills and reducing dependence on foreign human resources.
Rural Employment Programs: Initiatives such as setting up agricultural machinery service centers and workshops at the village level aim to expand rural mechanization services and provide employment opportunities to rural youth and agricultural entrepreneurs. Investment assistance is also provided to private sector entrepreneurs to manufacture and market light machinery, further contributing to job creation.
Overall, these concerted efforts by the government are aimed at reducing the youth unemployment rate and ensuring the overall welfare of the youth population.
Previous Unemployment Rate
The Labour Force Survey of 2022 in Bangladesh reveals a steady decline in the unemployment rate over the past decade, reaching a low of 3.5% in 2022. However, estimations suggest a slight increase in unemployment at the onset of the 2020s, particularly among youth, attributed to the global Covid-19 pandemic. Nonetheless, Bangladesh’s unemployment rate remains notably lower than the regional average for Southern Asia.
Figure 7 illustrates the unemployment trends in Bangladesh and Southern Asia, both in total and among youth, from 2010 to 2022. Data sources include the International Labour Organization and Statista. Throughout the 2010s, youth unemployment in Bangladesh gradually rose, peaking at 14% in 2020, which is twelve percentage points lower than the regional average of 26% (refer to Figure 7). This trend reflects a labor market struggling to create sufficient new job opportunities, exacerbated by the return of Bangladeshi workers from abroad, as elaborated in the Migration sub-section.
However, the beginning of the 2020s witnessed a notable decrease in youth unemployment, particularly in rural areas, attributed to a significant increase in youth employment fueled by disruptions in the industrial sector.
It’s crucial to note that unemployment statistics often overlook individuals outside the workforce. In Bangladesh, around 37% of the working-age population was projected to be economically inactive in 2022, indicating significant latent unemployment potential.
Prime Minister Hasina’s announcement reflects the government’s dedication to addressing unemployment and fostering economic empowerment, marking a significant achievement in Bangladesh’s journey towards socio-economic development.
