New Delhi, Oct. 16 -- World Bank President Ajay Banga has warned of a projected shortfall of nearly 800 million jobs over the next 10 to 15 years, calling for a shift in global development financing to create employment opportunities for a rapidly growing young population.

Addressing the World Bank Group's 2026 Annual Meeting plenary in Bangkok, Banga said around 1.2 billion young people would enter the global workforce over the next decade and a half, while only 400 million jobs were projected to become available.

"The jobs gap is a projection. It does not have to be our future," Banga said, outlining a strategy combining public finance, private investment, philanthropy and technology to accelerate economic development.

He said persis...