Job market expected to grow in second half of 2024
The job market in Bangladesh is expected to grow in 2024, with the country's GDP projected to increase by 6.5%. The service sector is expected to continue being the largest employer, with 41.2% of the workforce employed in this sector in 2021.
The government is expected to continue to create job opportunities in the public sector. In addition, the private sector is expected to grow, with companies investing in growth and hiring more employees.
The job market in Bangladesh is expected to be competitive, with a large number of job seekers and limited job opportunities. However, the government is taking steps to address this issue by creating more job opportunities in the public sector and promoting entrepreneurship.
Keep updated, follow The Business Standard's Google news channel
Under a new policy, all government, semi-government, autonomous, and state-owned enterprises will be required to offer internship opportunities to qualified graduates. The length of the internship will be between three and six months, and the amount of the stipend will be determined by the government.
This internship programme is expected to be more operational in 2024. Already Dhaka University's Criminology Department has made a deal with Bangladesh Police for internships.
However, the government's promise to create jobs for a massive number of people in the current fiscal year has not translated into reality as most of the initiatives aimed at generating employment have not been implemented.
"The job market in 2023 wasn't exactly a walk in the park. Between the economic rollercoaster, the dollar going haywire, inflation hitting hard, and exports taking a nosedive – it was a tough year. The issues contributing to the less-than-ideal job market last year remain unresolved," observed Fahim Mashroor, CEO of Bdjobs.com.
He expressed a bleak outlook for the first six months. "We don't foresee any improvement in the first half."
Economist Dr Ahsan H Mansur echoed this sentiment, noting, "The first half of the upcoming year is expected to be challenging. The government must implement tough measures to revive the economy.
"It is only after the initial six months, with an increase in investment flow, that we anticipate a flourishing job market," he added.
