Rising unemployment remains a cause for grave concern in Bangladesh, as highlighted once again by the latest data from the Bangladesh Bureau of Statistics (BBS). According to the BBS, the unemployment rate rose to 4.49 percent in July-September 2024, up from 4.07 percent the previous year. This means the number of unemployed individuals increased by 1.7 lakh in a year, totalling 26.6 lakh. Among them, 17.9 lakh are men and 8.7 lakh women. The data has been compiled using the latest methodology, giving us a more accurate picture of the situation.

This rise in unemployment has been attributed to economic and political instability, particularly during the July-August uprising, which disrupted industrial activities and caused a significant decline in both labour supply and demand, alongside security concerns, especially for women. However, while this data is more precise, experts believe it still doesn't fully represent the real scenario. In fact, one expert estimates that if the assessment were more accurate, the unemployment rate could be closer to 10 percent.

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Address unemployment with priority

Indeed, we have known for a while that unemployment is worse than what the official data suggests. A major contributor to this crisis has been the stagnation in job creation. It is deeply frustrating that the economic growth experienced over the past decade under the Awami League regime was not geared towards creating employment. For example, while the manufacturing sector grew by 9.1 percent per year on average between 2016 and 2022, jobs in the sector paradoxically decreased by 9.6 percent. What is the point of such growth if it fails to generate employment? Another key factor is the continued lack of private sector investment, driven by political uncertainty and a still shaky law and order situation.

This growing crisis must be addressed promptly with well-planned, effective solutions. Authorities must first properly assess the situation to gather the most accurate unemployment data, which is critical for effective policymaking. Special attention must be given to understanding why women are falling behind in economic activities. The interim government should also take focused steps to restore investor confidence and encourage private sector investment. Upskilling our youth is also essential, as many are struggling to meet the demands of today's job market.

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Education must not lead to joblessness

We urge the government to take these issues seriously and explore all options for creating equitable job opportunities for both men and women, so that we can get the wheels of our economy moving again.