New Delhi, October 5: While raising major concerns regarding factors that may disrupt “economic growth” of developing economies and “people living under extreme poverty” World Bank President Jim Yong Kim on Tuesday said that rapid technological advancement, including automation and digitalisation may devour chunk of jobs in developing countries like India and China.
As per the World Bank data, automation may threaten 69 percent jobs in India, 77 percent in China and 85 percent in Ethiopia. Thus automation may not only cut the jobs but may affect people individually.
He also said that “mechanisation” and “technology” have affected “traditional industrial production” and threatened “manual jobs” and “work” done by generations of families. This trend is not isolated to the US. It is affecting people in countries everywhere, Kim said.
Further he said that, going by the data we must first understand “the paths to economic growth” available for these countries and accordingly we must approach to create infrastructure.
Next Kim said that “technology” continues to “fundamentally reshape the world” and thus it is important to think about the kinds of infrastructure that countries will need in the economy of the future.”
Kim lamented on the global slowdown and said, “we are facing very strong headwinds, a slowing global economy hit by falling commodity prices and stagnating global trade. That is really historic.”
Showing a clear path to economic growth, Kim added: Openness and partnership between countries have played a critical role in an unparalleled period of growth and poverty reduction. Countries that are working together and especially trading together have delivered lasting progress.