President of the World Bank Group, Ajay Banga, has called for urgent action to address the global employment crisis, particularly in developing countries, noting that agriculture holds the key to creating jobs and driving economic growth.
With over a billion young people set to enter the workforce in the next decade, Banga stressed the need to embrace agriculture and agribusiness.
At the AgriConnect Flagship Event during the 2025 Annual Meetings, Banga highlighted a disparity between the number of jobs needed and those likely to be available.
He noted that while around 1.2 billion young people in developing countries will come of age in the next 10 to 15 years, projections show that only 400 million jobs will be created to accommodate them.
This job shortfall, he warned, could either fuel global economic growth or lead to increased social unrest and migration if left unaddressed.
The World Bank President pointed out that agriculture plays a pivotal role in narrowing this gap.
He explained that the current challenge is not simply to produce more food but to transform agricultural growth into sustainable businesses that can provide higher incomes for smallholder farmers and create more economic opportunities.
“The challenge today is not just to grow more food, but to turn that growth into businesses that deliver higher incomes for smallholder farmers and generate opportunities across entire economies,” Banga said.
According to him, solving this issue hinges on supporting agribusinesses, particularly in regions such as Africa, Asia, and Latin America. Smallholder farmers dominate these areas, managing much of the land but often trapped in subsistence agriculture with limited access to commercial finance.
Despite producing around 80% of the world’s food, only a small fraction of these farmers have access to the financial tools that could help them scale their businesses.
He added that the World Bank’s strategy aims to address these challenges by focusing on infrastructure development, skills training, and creating a business-friendly environment.
Banga also emphasized the importance of mobilizing capital to support agricultural growth.
“Producer organisations can connect farmers to suppliers, insurers, buyers, and lenders. That creates predictable routes to market, raises incomes, and strengthens job creation,” he said.
In addition, Banga underscored the critical role of digital technologies in transforming agriculture. From artificial intelligence-powered crop diagnostics to mobile payment systems, these innovations help farmers build credit histories, lower financing costs, and attract more investment.
“That is the virtuous loop we are building,” he explained, referring to the ways these technologies help strengthen financial systems and empower smallholder farmers.
Looking ahead, the World Bank aims to double its agribusiness commitments to $9 billion annually by 2030, with an additional $5 billion in private sector mobilization.
