World Bank president Jim Kim opines that technological development is not all good. Technology is reducing human jobs. In his speech on this Tuesday, he said, the way technology is developing in developing countries is ominous. Moreover, it will affect the countries badly. Thus, this is a looming problem for the economy of those countries.
In Kim’s speech he mentioned Ethiopia, China, Thailand, India, South Africa Argentina, and the USA.
Job reduction in India
When we talk about developing countries, China and India comes first. In terms of these two countries, agriculture is a substantial element along with small and medium enterprise (SME). In fact, the income of such countries mostly depends on the mixed economy. However, technology is aggressing in this sector of the economy.
Kim says, the way internet & technology is influencing the economy is alarming for the people of those countries. In future, a large number of people will lose their jobs.
According to World Bank prediction, 69% of Indian people will lose their jobs due to the increase of automation. As a matter of fact, China, Thailand, and other several countries will face the same challenge in a greater way.
Jim Kim Says
Kim said in the meeting,”Today, jobs are at risk…by automation. Our future economy requires a workforce with optimal cognitive capacity. But 25 percent of the world’s children under age 5 are stunted, risking limitations in physical/cognitive capacity. We must urgently tackle this challenge—otherwise; we’re condemning tens of millions of children from reaching their full potential. At Human Capital Summit, I was pleased to share stage with leaders of 9 countries who pledged greater investments in children with a goal of dramatically reducing stunting.”