The growth-jobs paradox

THE 2024 upheaval that toppled Sheikh Hasina’s government in Bangladesh, alongside the youth-led protests over joblessness in India, point to a shared crisis across South Asia: strong economic growth has not translated into enough good jobs for a workforce that is more educated than ever before. As access to schooling and universities has expanded, so have people’s employment expectations — expectations that a narrow job market has failed to meet, sparking widespread anger. In India, nearly 40 per cent of graduates under 25 can’t find work; youth joblessness is near 29pc. Roughly four in five Indian workers depend on informal, insecure employment. Economic theory holds that growth happens…