Automation may wipe as much as 2/3 of hobs in developing countries, Mr Jim Yong Kim, President of the World Bank Group, told the media Thursday at the briefing within the IMF/World Bank Spring Meetings in Washington DC.
This may happen due to ever-advancing technologies, which particularly threaten middle- and low-skill workforce.
Common public tends to blame international trade and cheaper imports for job loss, but it’s actually cuts down only 1 of 5 of disappearing jobs. The rest is consumed by automation.
Recently, Mr Kim said, he was talking to a woman in Haiti, which is now making clothes haute-couture on a 3D printer.
Several years ago everybody thought that garment assembly is not possible without human hands. Now this is the caser, and there will be more to come, he added.
This means investment in human capital is of paramount importance.
“You know, get serious. You've got to reduce childhood stunting. You've got to improve your educational system, improve health outcomes. And part of the reason that we're focusing so much on private sector investments for infrastructure is so that we can try to free up resources to invest more in human beings so that more developing countries can be ready for the great complexity that's about to come”, he said.