Tag Archives: Developing countries

AI’s impact on jobs may be smaller in developing countries

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Artificial intelligence is transforming the global workforce, but its impact may not affect all regions equally. Much of the conversation about AI and jobs focuses on high-income countries—where the technology threatens to reshape entire industries. But what will AI mean for workers in developing nations, who constitute 80 percent of the global workforce?

To better understand AI’s labor market impact in the developing world, in a recent paper we analyzed data from 25 countries, covering a population of 3.5 billion people. For workers in those countries, we assessed the level of AI exposure, which captures to what extent their jobs could be performed using AI. Our findings suggest that AI’s effects on jobs will be more gradual in the Global South, particularly in low-income countries.

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A silent debt crisis is engulfing developing economies with weak credit ratings

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Some developing economies are finally seeing light at the end of the tunnel. Global inflation is receding and global interest rates appear to have peaked, prompting a bond-issuance rush by these economies to refinance their debt before the opportunity vanishes. In early January, Mexico, Indonesia, and several other developing economies easily raised more than $50 billion from bond investors. 

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The Promise and Peril of Online Gig Work in Developing Countries

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Good, inclusive jobs provide the surest path out of extreme poverty, while boosting shared prosperity for all. But as new technologies transform our global economies, we must expand our way of thinking about job opportunities in the developing world. 

The online gig economy, in which digital platforms match workers to tasks posted by clients already accounts for up to 12 percent of the global labor market. In developing countries gig platforms are opening unique avenues of employment, with significant potential for young people, women, and people in remote areas that may have been left out of more traditional job markets.  

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Solutions to Finance the Energy Transition in Developing Countries

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Low- and middle-income countries need to transform their power sector infrastructure at an unprecedented scale and pace to meet climate and development goals. The World Bank’s new framework “Scaling Up to Phase Down” maps out a 6-step virtuous cycle to help these countries overcome critical barriers that are paralyzing their energy transition and catalyze investments.

Despite accounting for two-thirds of the global population, developing countries receive only one-fifth of global energy investment. They need affordable financing, especially at the start of their energy transitions, to improve sector conditions and attract growing volumes of private capital.

Join us live from the headquarters of the World Bank Group. Be sure also to share your thoughts and questions in advance in the chat box! Our team of experts will answer them during the live event.

 

 

Growth in a Time of Crisis: What’s Ahead for Developing Economies

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The opening public event of this year’s Annual Meetings – Growth in a Time of Crisis: What’s Next for Developing Economies – delved into questions like these:

  • How can countries build back to a sustainable, resilient, and inclusive economic recovery while also investing in their people? 
  • What are the fundamental barriers to sustainable and inclusive growth in low and middle-income countries and fragile and conflict-affected settings, and what does the future of growth look like?
  • What types of policies are important to support inclusive growth for vulnerable populations? How can digital technology help ensure inclusion?
  • What’s needed to support private investment, especially small and medium enterprises, and create jobs in developing countries?
  • What role can central banks play to help spur job creation and investment?

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Ensuring a Strong Recovery for Developing Countries

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The global economy is experiencing an uneven recovery, with the risk that it will worsen wrapup780x439inequality and leave low- and middle-income countries behind.  The path of the COVID-19 pandemic remains uncertain, with obstacles to vaccination in many countries.  Developing economies face challenges that could slow their recovery for years to come.  To help, the World Bank Group has mounted the largest crisis response in its history, and it is uniquely positioned to help ensure that all countries can participate in a green, resilient, and inclusive return to stability and growth.

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COVAX and World Bank to Accelerate Vaccine Access for Developing Countries

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New mechanism builds on Gavi COVAX Advance Market Commitment (AMC) cost-sharing arrangement

WASHINGTON, July 26, 2021 – COVAX and the World Bank will accelerate COVID-19 vaccine supply for developing countries through a new financing mechanism that builds on Gavi’s newly designed AMC cost-sharing arrangement. This allows AMC countries to purchase doses beyond the fully donor-subsidized doses they are already receiving from COVAX.

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‘Absolutely Unacceptable’ COVID-19 Vaccination Rates in Developing Countries | The Development Podcast

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Subscribe for free to The Development Podcast and listen to this episode on Apple Podcasts and Spotify.

“The situation that we see right now is absolutely unacceptable, because a large part of the world remains unvaccinated and this is a danger for all of us,” so warns Mamta Murthi, the World Bank’s Vice President for Human Development.

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Time to decarbonize transport for a green, resilient and inclusive recovery

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At a time when we face enormous challenges brought on by the COVID-19 pandemic, it is heartening to see the world mobilizing as never before to tackle the looming crisis of global warming. From renewable energy to carbon markets to sustainable agriculture, countries are taking steps to address emissions and enhance resilience.  The international development community is also stepping up. In 2020, the World Bank Group reached its highest ever level of climate financing, at $21.4 billion, and we recently announced our plan to align all-new World Bank operations with the Paris Agreement by July 2023.

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