South Asian region needs to create more jobs per year to boost income at corporate level – Part 2

The audience however, raised the objection on Ms. Kochhar’s manifesto of “moving away from protecting jobs to protecting workers”. The audience objected that the World Bank should refrain from the propagation of the dogma that labour laws are restricting job creations.

The protection of the labour at work and off the pitch is a mandatory and basic necessity. World Bank should be stressing the government to mitigate problems restricting the creation of jobs. During the time from fall all the way through spring, hundreds of thousands of workers lose their jobs in Pakistan due to the unavailability of natural gas, a mandatory in the production sector. The services sector receives a blow in the summers, when electricity load shedding is at the apex.

According to a survey, the usage of electric generators in Pakistan is the highest as compared to other developing countries with the same per capita income.

Countries like India and Bangladesh have improved on both production-services and labour standard fronts, though they also face the same political and utility problems. However, their governments have forced laws into action that have been beneficial for the corporate sector.

In addition, the region has also been inflicted by the global economy crisis. The US had a very mercurial 2011 and Europe saw the worst economic disaster since the 1930s’ great depression.

In his presentation titled “Global Economic Outlook 2011: What should scare us the most?” World Bank’s lead economist for the South Asia region, David Gould said that the US and Europe will remain vulnerable economies in 2012.

According to World Bank, the estimated growth rate in those regions during this year will be 2.5 percent. Earlier in 2011, WB had estimated the growth at the rate of 3.5 percent.

Moreover, IBA Dean and Director Dr. Ishrat Hussain said that  job creation in Pakistan is receiving far less attention from the government. In order to prosper and increase per capita income in the country drastic changes and reforms are needed to raise and maintain the standard of the workers.

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Posted by Usman Khalid on Jan 13 2012. Filed under South Asia. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.