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Bangladesh is a country with a growing population of over 160 million people, and a large pool of youthful and educated individuals. However, despite the advancements in the education system, the country's unemployment rate has reached an all-time high of 6.91% as of November 2021, according to the Bangladesh Bureau of Statistics.

In 2022 and 2023, the rate went from 5.40% to 4.70%, which decreased due to the surge of economic needs. But it is predicted in 2024, the rate will rise by 5.60% with annual increase of 1.19%. This high rate of unemployment, coupled with a mismatch between the skills graduates acquire through the education system and those required by employers, has left millions of young graduates without jobs. Unfortunately, the situation is expected to continue in 2023 and beyond unless sustainable solutions are implemented.

The education system in Bangladesh has undergone significant reforms over the past decade. However, despite these efforts, graduates are still struggling to find employment due to the mismatch between the skills they acquire through the education system and those required by employers. According to a report in The Daily Star, around 30% of Bangladesh's graduates are unemployed, and this is partly due to the education system's emphasis on theoretical knowledge, which neglects practical skills necessary for employability.

The lack of job opportunities in the country is also contributing to the unemployment problem. Despite economic growth, the job market has not kept pace, and the demand for skilled labor has not been met. In February 2022, the Dhaka Tribune reported that the youth unemployment rate in Bangladesh was at 11.4%, which is significantly higher than the overall unemployment rate of 6.91%. This disparity highlights the challenges faced by young graduates who are struggling to find work despite having acquired an education.

The COVID-19 pandemic has further aggravated the unemployment problem in Bangladesh. According to Trading Economics, the country's unemployment rate reached a peak of 6.86% in 2020, up from 4.19% in 2019. The pandemic has caused widespread job losses and layoffs, affecting many sectors, including manufacturing and the service industry.

To address the unemployment problem in Bangladesh, a multi-faceted approach is needed. The government should reform the education system to ensure that it provides practical skills and training that align with the requirements of the job market. In addition to this, the government should focus on promoting entrepreneurship as a means of job creation. In 2022, the government launched the Bangladesh Startup Act, which provides incentives for entrepreneurs and startups to establish new companies. The act also aims to create a more business-friendly environment and encourage foreign investment in the country.

The private sector can also play a vital role in reducing unemployment in Bangladesh. It can provide training and internship opportunities for young people to gain practical skills and experience, which will enhance their employability. The private sector can also create new jobs through partnerships in infrastructure development, such as transportation and communication networks, which can facilitate the movement of goods and services across the country.

Furthermore, the government can focus on developing the manufacturing sector, which has the potential to create a large number of jobs. According to Macrotrends, the unemployment rate in Bangladesh was at its lowest in 2015 when the manufacturing sector was at its peak, contributing 18% to the country's GDP. To achieve this, the government should encourage foreign investment in the manufacturing sector, which will bring new technology and expertise to the country.

In conclusion, unemployment in Bangladesh is a significant challenge, and it is expected to persist in 2023 and beyond unless sustainable solutions are implemented. The education system needs to be reformed to provide practical skills and training that align with the requirements of the job market. The private sector should work in collaboration with the government to create a business-friendly environment that promotes job creation. The government should focus on promoting entrepreneurship, infrastructure development, and the manufacturing sector to create new job opportunities. By taking these steps, Bangladesh can reduce its unemployment rate and achieve sustainable economic growth in the future.

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