Fiji, Oct. 17 -- The World Bank Group is stepping up efforts to mobilise private investment and expand job creation, warning that about 1.2 billion young people will enter the labour market over the next 10 to 15 years when only 400 million jobs are projected to be available.

World Bank Group President Ajay Banga said the projected shortfall of about 800 million jobs required a new approach to development financing, combining public funds, private investment, philanthropy and technology to help countries create jobs at scale.

"The challenges were great. Resources were limited. And the World Bank Group needed to face the wind," Banga said in his address to the 2026 Annual Meetings Plenary in Bangkok, Thailand.

He said conflicts, rising ...