Book Description

The shortage of full time jobs and the difficulty in earning a livelihood are one of the greatest global problems. Increasing population, especially in Africa, looks much less likely to stabilise than experts complacently believed until recently. World-wide 600 million young people will enter the job market in the next decade with only 200 million jobs awaiting them. The failure to address the issue will have serious consequences and threatens widespread social and political unrest. The situation is recognised by donors, but there seems to be a lack of passion in attempts to address it. As DFID notes, the private sector is the driver of economic growth and will produce 90% of new jobs. DFID's approach to economic development is centred on its Economic Development Strategic Framework, which consists of a series of wide-ranging interventions, listed under five pillars, including international trade; improving the "enabling" environment in countries; catalysing capital flows; engaging with businesses to help their investments contribute to development; and ensuring growth is inclusive and benefits marginalised groups. The choice and balance of interventions depends on the particular circumstances of each country. This basic approach was supported by many witnesses. However, there are several concerns. DFID plans to spend £1.8 billion on economic development by 2015-16 - more than doubling the amount spent in 2012-13; is DFID geared up to spend the extra money cost-effectively? The Committee have seen examples of successful work on theirr visits, and urge DFID to publish lists of achievements under these programmes.