Bangladesh has a significant proportion of its population under 25 years of age, significantly contributing to its workforce. Since gaining independence, the country has witnessed a remarkable improvement in all economic sectors, with the government achieving notable success in every area. Furthermore, the distribution of money has accelerated significantly. Despite an increase in the proportion of people who have finished their schooling, there is still a pressing need for better employment opportunities.
Many young people in Bangladesh grow up knowing they may never find a steady job, and many more become unemployed every year. When the number of jobless people exceeds the size of a country’s workforce, it can damage the nation’s growth and development. Poverty and unemployment are the two most significant issues that Bangladesh faces.
According to a Bangladesh Development Research Institute (BIDS) survey, 66% of graduates from National University-affiliated colleges are still looking for work, with two out of every three requiring assistance finding a job. Only 3% of these students are self-employed, and just 7% pursue degrees in other fields. Reportedly, 47% of Bangladeshi graduates with higher education degrees are unemployed, which is much higher than the figures in Nepal (33%), Pakistan (28%), and Sri Lanka (7.5%). Despite this, Bangladesh’s unemployment rate is lower than many of its neighbours.
In Bangladesh, over 2.6 million people are currently unemployed, with more than 2.6 million having high levels of education. Studies have shown that, on average, two million people actively seek work each year. The need for better job possibilities has boosted the labour market participation rate. Although the number of students enrolling in public and private colleges has increased, the proportion of jobless individuals who have finished their higher education is still rising.
Bangladesh’s manufacturing and agricultural sectors require more technical experts than educated people looking for work, providing better employment prospects in these areas. Many highly educated young people used to show interest in working in the private sector, believing they could earn more money there. However, the significant increase in government employment opportunities over the past few years has caused a shift in young people’s inclinations toward working for the government.
Interestingly, 1.1% of men receive unemployment benefits, compared to 1.7% of women. Therefore, students must learn the skills required to keep up with and engage in the mainstream economy.
Bangladeshi parents often make significant financial sacrifices to support their children from birth until college graduation. However, many young people struggle to find work even with their advanced degrees, leading to negative feelings and, in the worst cases, suicide.
One of the main issues is that the educational system must cater to the needs of the job market. We should provide skill development and technical training to those who need it to address this issue and transform workers into assets that benefit the general welfare.
Unemployment is a global issue that affects every country. Ensuring educated people can find enough job opportunities is critical to economic growth and development. Governments and employers must work together to provide job opportunities that benefit the country’s economy and society.