23.Feb .2021 18:00

90% of all jobs are created in the private sector - WB

90% of all jobs are created in the private sector - WB
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The most direct link out of poverty is a sustainable job – said Sebastian Molineus, the World Bank Regional Director for the South Caucasus while addressing GITA participants on the awarding ceremony of 100 thousand GEL grants for startups, which is sponsored by the World Bank.
 
“So the question then is where you do create jobs? – asked Molineus in his speech today at Techno park and provided the answer: “Jobs are not created in the public sector – worldwide about 10% of jobs are created in the public sector - 90% of all jobs are created in the private sector. So then you dig a little deeper and say where in the private sector and in fact its high growth firms unsurprisingly that create jobs”.
 
Molineus emphasized that it is high growth that matters and not necessarily the size of the company, which means that medium and small firms are also the ones that create new opportunities.

“I think it’s all of you again collectively that are creating new firms that hopefully be dynamic, will grow and create those employment opportunities for the people here in Georgia that will make a profound difference in terms of tackling one of the structural problems here which is still high unemployment and ultimately poverty that exists to this day in this country” – Sebastian Molineus addressed the participants of the GITA competition sponsored by the World Bank.
 
According to the WB, this is the sixth competition. It started out back in 2019 and since then had supported 84 startups with 106 difference products and services, leveraging over 2 million USD in private sector financing.