Singapore President to co-chair World Bank council addressing Global South jobs crisis

SINGAPORE: President Tharman Shanmugaratnam will co-chair a newly formed World Bank Group council focused on addressing an impending jobs crisis in the Global South.

Alongside former Chilean president Michelle Bachelet, President Tharman will serve as co-chair of the High-Level Advisory Council on Jobs for a two-year term, ending in July 2026.

The Istana in a statement issued on Monday (12 August) announced that Mr Tharman will undertake this role in his independent capacity, following advice from the Cabinet that it is in the national interest for him to do so.

World Bank Group president Ajay Banga emphasized the importance of employment, stating: “A job is the most meaningful yardstick of success for any individual: with a job comes dignity, pride, and the ability to provide for yourself and your family. ”

“We are launching the Council to set our development strategy on a foundation of creating employment opportunities in all corners of the globe.”

According to World Bank, over the next decade, approximately 1.2 billion young people in the Global South—a term typically used to describe the developing world—will reach working age.

However, with the job market projected to create only 420 million jobs, nearly 800 million individuals may face uncertainty in their career paths.

The new advisory council will assemble leading experts from government, business, civil society, and academia to provide thought leadership and strategies for generating large-scale employment opportunities.

These strategies will be evaluated within the World Bank Group, with the intention of piloting them.

Successful initiatives will then be scaled up to tackle the jobs challenge more effectively.

Mr. Tharman stated: “Good jobs are at the core of aspirations everywhere, but also a growing challenge in the face of rapidly advancing technologies, geoeconomic uncertainty and climate threats.”

“New strategies are needed to achieve sustained job and income growth among developing world populations, and the benefits this will bring for the global economy too,” he added.

Dr. Bachelet noted that the jobs challenge is “unprecedented in modern history” and emphasized that the council’s goal is to provide young people with opportunities to “contribute to and benefit from a more inclusive global economy.”

The council’s members will be announced in due course, and the group plans to hold its inaugural meeting during the 2024 World Bank Group-International Monetary Fund annual meetings in October.

Mr. Tharman was elected as Singapore’s head of state in September 2023.

Prior to this, he served for over two decades in various governmental roles, including as deputy prime minister, finance minister, and education minister. His most recent government position was as senior minister, a role he stepped down from to pursue the presidency.

Mr Tharman has held prominent positions in international organizations. Currently, he chairs the board of the Group of 30, an independent global council comprising economic and financial leaders from both the public and private sectors.

He also co-chairs the Global Commission on the Economics of Water, which is dedicated to transforming water governance.

PAP-dominated Parliament approves bill to allow President and ministers’ global roles in personal capacity

In November last year, Singapore’s Parliament, with a PAP super-majority, has approved a bill that enables the President and ministers to engage in global roles personally, provided it serves the national interest.

While the Constitution of the Republic of Singapore (Amendment No. 3) Bill was said to aim to enhance Singapore’s international influence by balancing official duties with global contributions, the opposition has raised concerns over potential conflicts and the implications of retroactive laws.

Mr Lawrence Wong, Deputy Prime Minister at the time stood firm against the opposition’s criticisms, asserting that the amendments were not only constitutional but also crucial for Singapore’s international standing.

He remarked, “This will enable our little red dot to shine brightly on the international stage. It’s a plus for Singapore.”

He further refuted opposition MPs’ accusations that the Bill was “not proper,” “unconstitutional,” or in “violation of established principles,” stating these accusation was “completely unfounded.”

“There is no need to oppose something that will clearly advance Singapore’s interests and bring benefits to Singapore and Singaporeans.”

In response to a question from Mr Leong about the necessity of the amendment, considering that Ministers have previously taken up international roles in their personal capacities, Mr Wong explained that, in the case of Ministers, the Prime Minister can give permission for them to accept such appointments.

However, in the case of the President, the Prime Minister cannot grant this permission. He added that it is not ideal for the Singapore President to serve in an official capacity in foreign organizations while simultaneously being given the latitude to express private views, as advised by the Attorney General’s Chambers.